This week was one for the history books. Prices have shifted so much to the red that markets are moving from concern around inflation to problems around recession. The current volatility proved to be difficult for investors and miners alike. But Ethereum’s growth hasn’t gone unnoticed.
Even though both Bitcoin and Ethereum are now at their lowest since 2021, about 60% of Ethereum investors are making profits compared to Bitcoin’s 51%. According to Santiment data, roughly 330,000 Ether has been deposited in exchange wallets over the past two weeks, worth approximately $825 million.
Meanwhile, Ethereum miner revenue surpassed Bitcoin’s, increasing 3% from March. Miners earn rewards in the blockchain’s native currency for producing valid blocks and processing transactions. Ethereum miner revenue reached $37 million in April 2022, while Bitcoin mining revenue was $31 million.
Ethereum Whales Resurface
Despite the slowdown in prices, crypto whales have been transacting a massive volume of Ethereum and Bitcoin, making Thursday (May 12) witness the highest one-day whale activity since January. However, the total number of whales (addresses that hold more than 1% of the total supply) is now above 40% for Ethereum, while Bitcoin whales increased by 10%.
Currently, Ethereum is getting closer to its most significant network upgrade – The Merge. Several analysts expect Ethereum’s switch from Proof of Work (PoW) to Proof of Stake (PoS) to positively impact the price of Ether and reduce the transaction fees on the network.
Who’s Buying the Dip?
However, large entities are unfazed by current market conditions and are acquiring Bitcoin at a discount. Long-time Bitcoin supporter El Salvador made a recent purchase of 5 million BTC this week. As prices fell, a New York-based radio station, Townsquare Media, added $5 million worth of Bitcoin to its balance sheet. Recently, Brazil’s most prominent digital bank, Nubank, decided to soon allow customers to buy Bitcoin and Ethereum.
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Also Read: Why Ethereum’s Latest Update is So Crucial