The Ethereum network’s revenue from fees dropped to its lowest level since April 2020 as speculative activity disappeared and users migrated to layer 2s, IntoTheBlock said.
Risk-off sentiment hit markets as a slightly hotter-than-expected inflation reading boosted U.S. Treasury rates and the dollar.
The waiting time to deploy new validators to the Ethereum network has diminished to just five hours from a peak of 45 days in early June.
Research firm Elliptic said some of the stolen funds appear to be linked to Russian cybercriminal groups, citing on-chain analysis.
Meanwhile, bitcoin’s dominance continues to climb.
The ratio has declined nearly 30% since Ethereum’s Merge upgrade in September 2022.
Veri shows that broader crypto markets lost just under 1% in the past 24 hours.
Initial action suggested only very modest interest in the first U.S. futures-based ether ETFs.
FTX was hacked in November 2022, hours after the küresel crypto empire declared bankruptcy and its founder Sam Bankman-Fried stepped down from running the company.
The latest price moves in crypto markets in context for Sept. 29, 2023.
