Ethereum’s on-chain activity is showing some strange activity ahead of two major events
At least two fundamental events are set to occur this week that could permanently change the shape of financial and cryptocurrency markets as the Fed prepares for the GDP news release. Following both events, Ethereum is showing a massive spike in address activity. There are a few other anomalies to watch out for.
Fees remain calm
Historically, Ethereum traders and investors have shown more signs of activity reflected in network fees ahead of important events like the GDP release. Ahead of any major event, investors tend to hedge their holdings and send them to exchanges in case they need to sell their coins as soon as possible.
As the on-chain metrics suggest, ETH fees are still moving in a downward trend, suggesting that long-term investors and traders don’t think it’s necessary to take action to protect themselves.
Active address anomaly
One of the biggest spikes in address activity appeared on Ethereum yesterday, considered one of the largest moves of the metric in the history of the asset. Such a strong and unexpected growth of active ETH addresses does not look natural and could mean that some kind of operation went under the market’s radar.
Many things can cause such strange movements on the network. One of them is airdrop farming, which is the most likely reason. Migrating wallets before the Merge update could also have resulted in a large increase in the number of active addresses on the network.
At press time, Ethereum is trading at $1,458 and losing more than 10% of its value in the last 24 hours.
