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On-chain data shows that Ethereum has recently increased its realisation cap, indicating that it has capital in its assets.
Ethereum noticed Cap recently rose to $244.6 billion
It’s new post On X, on-chain analytics company GlassNode talks about trends in Ethereum Realization cap It’s been turned over since then Pectra Upgrade. The Pectra upgrade was released on May 7th, with many improvements being introduced to the ETH network.
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As the chart shared by the analytics company shows, the arrival of the upgrade appears to coincide with the inversion of the cryptocurrency realization cap.
A realized cap refers to an on-chain capital model that calculates the total value of Ethereum by assuming that the “actual” value of each token in circulation is equal to the last price traded on the blockchain.
Essentially, the realized cap summarizes the final acquisition price of the entire ETH supply. Therefore, it can be seen as a measure of the total amount of capital invested in cryptocurrency.
The graph shows that the realized cap peaked in early February, and a reversal to the negative side was observed. Every time the metric value drops, it is an indication that capital is flowing out of Ethereum.
These outflows from assets lasted for about three months, with prices naturally witnessing downtrends. However, since the Pectra upgrade, its value began to rise instead, resulting in another inversion for the realization cap.
On the day of the upgrade, the indicator was $240.8 billion. Today, it has risen to $244.6 billion, indicating that about $3.8 billion in capital (equivalent to a 1.6% increase) has jumped into ETH during that time.
In addition to these capital inflows, Ethereum prices observed an explosion. This is because it went from $1,800 to the current 2,500 level. It is still unclear how long the resulting cap-up trend will remain.
Coin’s capital flow situation found a turnaround with Pectra upgrades, but the same thing was not true Network Activity So far, as GlassNode pointed out in another x post.
“The average and revived addresses have declined compared to YTD values (–1.8% and –8.4% respectively), but churn is particularly low (–8.5%),” the analytics company said. A revived address refers to an address that has become active after a period of inactivity, but the one that has been churned is against it. They are previous active addresses that got cold.
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These trends mean that the upgrades were unable to attract attention from new users or responders, but at the same time, layoffs have been reduced due to increased engagement among existing Ethereum users.
ETH Price
At the time of writing, Ethereum traded about $2,500, more than 4% last week.
Dall-E, Glassnode.com featured images, tradingView.com charts
