The latest findings by Santiment, published in Cointelegraph Consulting’s biweekly newsletter, indicates that discussions around Ethereum have switched from highly bearish to predominantly bullish. Historically, this hasn’t meant good news for the token’s price.
Ethereum’s on-chain activity, measured by unique daily addresses, has rebounded from its nose dive at the end of summer. The latest surge has taken Ethereum to a 3-week high of 420,610 addresses per day — marking a 25.2% growth compared to the day prior.
Another noticeable trend is Ethereum’s 365-day dormant circulation, which tracks the renewed movement of all tokens that have previously not changed addresses for more than a year. This number has stayed relatively low since the October 7th bottom, with a recorded daily average of just 13,438 ETH, suggesting that long-term holders are still sitting on their bags despite the recent price bounceback.
Ethereum’s Network Profit/Loss, which computes the average profit or loss of all coins that change addresses daily, are a