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The chain data show that Ethereum has had a significant increase in its recently made ceiling, reporting the new capital in the asset.
Ethereum realized that CAP increased to 244.6 billion dollars recently
In a new article on X, the Glassnod chain analysis company explained how the trend in the ceiling made of Ethereum has overthrown since the upgrading of Pectra. Pectra upgrade was put online on May 7 and introduced a lot of ETH network improvements, including implementation improvements and an increase in transaction capacity.
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As the graph shared by the analysis company shows, the arrival of the upgrade seems to have coincided with a reversal of the ceiling made of the cryptocurrency.
The ceiling carried out refers to a chain capitalization model which calculates the total value of Ethereum assuming that the “real” value of each token in circulation is equal to the last price at which it was transformed on the blockchain.
Essentially, the ceiling made summarizes the last acquisition price of the entire ETH offer. As such, it can be considered as a measure of the total capital amount that investors have put in the cryptocurrency.
According to the graph, it is visible that the ceiling made reached a peak in early February and observed a downward reversal. Whenever the value of the metric decreases, it is a sign that the capital stems from Ethereum.
These exits from the asset continued for about three months, alongside which the price naturally witnessed a downward trend. Since the upgrading of Pectra, however, another overthrow has occurred for the hood made, because its value has started to increase instead.
On the day of upgrade, the indicator amounted to $ 240.8 billion. Today, it has climbed to 244.6 billion dollars, which indicates that around 3.8 billion dollars (equivalent to an increase of 1.6%) in capital flew to the ETH at the time.
In addition to these capital entries, the Ethereum price observed an explosion, because it went from $ 1,800 to the current level of $ 2,500. It remains to be seen how long the trend made up the increase.
Although the situation of the capital flow of the play has found a turnaround with the upgrading of Pectra, the same has not been true for the activity of the network so far, as Glassnode has pointed out in another post X.
“Since the upgrade, the new and medium resurrected addresses have been down compared to YTD values (–1.8% and –8.4% respectively) – but the unsubscribe is also lower (–8.5%),” notes the analysis company. The resurrected addresses refer to these addresses which have become active again after a period of inactivity, while those left are the opposite; It was the previously active addresses that have become cold.
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These trends would imply that the upgrade failed to arouse the interest of new or returned users, but at the same time, it increased the commitment between existing Ethereum users, hence the drop in unsubscribe.
Ethn price
At the time of writing the editorial staff, Ethereum is negotiated about $ 2,500, down more than 4% last week.
Dall-E star image, Glassnode.com, tradingView.com graphic
