A leading crypto analytics firm says that the address activity on Ethereum is surging despite ETH’s recent sideways price movement.
In a new tweet, Santiment notes that ETH’s daily active address total hit 592,000 on Wednesday, the highest amount since March 18th.
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“Ethereum’s address activity really picked up this week, with Wednesday’s 592k addresses being the highest number of unique interactions in over a month.”
Discussion of Ethereum on social media this week also hit its highest level in two months, according to the analytics firm.
ETH is trading at $2,960.14 at time of writing after hitting a weekly high of $3,167.64 on Thursday. The leading smart-contract platform is down 2.8% in the past week and 2.3% in the past 30 days.
Lucas Outumuro, the head of research at blockchain intelligence firm IntoTheBlock, says in a new blog post that ETH printed nearly $800 million worth of net outflows in the past week.
According to the analytics firm, the metric is calculated by subtracting the net inflows from the net outflows over a seven-day period.
Exchange outflows can signal an accumulation phase, according to Outumuro.
Conversely, the crypto researcher also says Ethereum recorded about $97.3 million in accrued fees, a 14% decrease compared to the week before.
Fee totals track “the willingness to spend and demand to use” Ethereum, explains Outumuro.
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