The transaction fee on the Ethereum blockchain has reached an almost historic low of just 0.16 GWA, or $0.01 per transaction. But the number of transactions increased to 1.6 million this week.
Experts attribute the decrease in the cost of the commission to a drop in demand for ethereum from American investors. Coinbase Premium indicators also indicate that market participants are showing less and less interest in ETH. The indicator reflects the difference between altcoin prices on Coinbase and global averages. It fell to almost zero, which indicates a decrease in domestic consumer demand.
Similarly, the CME's six-month futures base for ETH dropped to about 3%. This is a three-month low, reflecting the fact that institutional investors are less willing to pay a premium for positions with leverage.
However, the situation may change, as November has historically been a favorable month for ethereum. On average, it has been adding 6.93% in price over the last month of autumn, and the 47.4% increase in 2024 has become one of the best indicators in its history. Therefore, analysts express cautious optimism about the near future of the crypto asset.
The whales are also showing bullish sentiment towards ethereum, accumulating it. According to Santiment, in October, wallets holding between 1,000 and 100,000 ETH increased their balance from 99.28 million to 100.92 million ETH, continuing to buy even after a monthly price decrease of 7%.