Following the approval of the Spot Bitcoin ETF, BTC experienced a sell-off event and fell to $41,000.
Afterwards, while BTC entered a major consolidation phase, altcoins led by Ethereum (ETH) made upward movements and diverged from BTC.
Evaluating this situation in Bitcoin and Ethereum, on-chain data provider Santiment stated that Ethereum's price dominance has experienced a significant increase against Bitcoin.
Pointing out that according to the data, ETH's price dominance increased by +22.4% last week, Santiment stated that 89.4 thousand new ETH addresses were created per day during this period.
Stating that this situation is an indicator of increasing interest in ETH, Santiment said that a surprising 96.3 thousand wallets were created, especially yesterday.
Finally, drawing attention to the decreasing supply of ETH on the exchanges, Santiment revealed that the supply is approaching its all-time low of 8.05% and is in a downward trend.
Stating that Ethereum's increasing dominance over Bitcoin and the significant on-chain data mentioned indicate positive trends for ETH, Santiment said:
“Ethereum's price dominance continues to increase against Bitcoin, currently up +22.4% in a week.
In addition, in this process, 89.4 thousand new ETH addresses were created per day and especially 96.3 thousand wallets were created yesterday.
Additionally, the supply of ETH, the 2nd largest cryptocurrency in the market, on exchanges is approaching its all-time low of 8.05%.
“The shift to self-custody and staking of ETH reduces supply on exchanges and means there is less risk of an impending selloff.”
Santiment's BTC-ETH evaluation and the data it shares are considered a positive signal for Etheruem and its price.
*This is not investment advice.