ETH was trading around the $2,500-range, at press time, a finding that was evidence of its drastic downward trajectory since its $4,298 peak in May.
Ethereum might have decoupled itself from Bitcoin a few weeks back, but now, their correlation has only been increasing.
Looking at the bigger picture, Ethereum’s market share has taken an interesting turn.
On Coinbase, the exchange preferred by institutional investors, ETH registered a notable spike in the amount of outflows.
The alt has been settling around 4 times more on-chain volume every day than Bitcoin.
On the other hand, even though ETH’s volume exceeded BTC on FTX and Binance, the difference was not as evident.
Well, keeping the above factors and the emerging trend in mind, yes.
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