Ethereum (ETH) is flashing a bullish on-chain metric as it counts down the last few hours until it merges to a proof-of-stake consensus mechanism, according to crypto analytics firm Santiment.
Santiment notes that Ethereum’s Network Value to Transaction (NVT) Model is in “its best state in 16 months.”
“We are officially less than two days from the big Ethereum merge, & on-chain metrics are looking positive for the #2 market cap asset. According to our NVT model, the ratio between unique ETH being moved and the network’s current market cap is in its best state in 16 months.”
NVT describes the relationship between transfer volume and market capitalization.
Ethereum is trading at $1,576 at time of writing and is down nearly 7% in the