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Bitcoin and Ethereum fees dropped in a slow week as their prices remained relatively stable compared to the previous week.

In a recent tweet, the market intelligence platform and advanced DeFi tools provider, IntoTheBlock, torchlights the lackluster activities of the bigwigs in the crypto market.

The firm revealed that Bitcoin (BTC) and Ethereum (ETH) have seen a relatively sluggish week so far. It attributed the apparent dormancy in trading to Augusts historical inactivity trend across trading landscapes.

IntoTheBlock argued that the August trends impact was becoming noticeable in both networks fee structures.

IntoTheBlock attached an image to the tweet to shed more light on the declining activity, comparing it with the previous weeks turnout.

According to IntoTheBlocks data, Bitcoin, the pioneer crypto, saw a minuscule decrease of 0.06% in its price over the week, settling at $29,282.

However, the cumulative fees associated with Bitcoin transactions dwindled by a substantial 28.64%, culminating at $3.8 million. As for the exchange flows, there was a marked reduction in outward movement this week. Over $80 million left exchanges compared to an influx of $311 million in the prior period.

Shifting our gaze to Ethereum, the second-in-command cryptocurrency, its price experienced a slight dip of 1.48% in the last seven days, settling at $1,842.

Like Bitcoins narrative, ETHs network fees encountered a negative growth of 3.71% over the week, dropping to $44.1 million.

Moreover, the tides of exchange flow for ETH followed a different pattern to BTC. This week saw an outpouring of $273 million, in contrast with the prior weeks outflow, estimated at $289 million.

While the crypto market seems to fall to a passive mode momentarily, large investors could be stockpiling their portfolios ahead of the anticipated bull run.

In a previous post, IntoTheBlock revealed that stalwart long-term Bitcoin holders were engaged in a persistent game of accumulation. The data indicated a compelling trend where the quantity of Bitcoin held by those in the short-term category became lower than the levels observed before the sensational bull run of 2021.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Market Intelligence Firm Points to August Inactivity Trend Impacting ... - The Crypto Basic

Ethereum has made an underwhelming start to August, with ETH price dipping below the $1,850 support level on Wednesday. Ethereum now potentially faces more August headwinds amid mystery whale inflows into exchanges and a decline in ETH 2.0 staking.

Heading into August 2023, Ethereum price action has left much to desire for bullish ETH holders. Barely three days into the month, ETH price is already down 2%, losing the critical $1,850 support.

On-chain analysis reveals critical bearish indicators that could see ETH face turbulent headwinds in August.

According to Whale-Alert.io an on-chain tracker tool that reports notable large transactions, a mystery ETH whale has been making some potential bearish moves.

On August 2, an unknown whale was spotted moving 19,789 ETH worth $36.4 million into a Coinbase exchange wallet.

A deeper inquest into the unknown whales recent transactions via Arkham Intelligence reveals a more worrying trend. Two weeks ago, the whales had moved $37 million worth of ETH to Coinbase, split across 10 separate transactions.

Notably, Coinbase currently offers an estimated APY rate of 4.95% on Ethereum staking. Optimistic Ethereum investors suggested that the whale could be looking to take advantage of the prime passive income opportunity.

However, the initial market reaction did not reflect that bullish sentiment. Instead, barely 24 hours after the transaction was confirmed, ETH price slid from $1,870 to around $1,830.

If the optimistic investors begin to panic, ETH could face more turbulent August headwinds.

In validation of the bearish outlook, on-chain data reveals that ETH 2.0 Staking inflows have dropped significantly this week. According to Cryptoquant, ETH Staking Inflow data has declined considerably compared to the figures recorded at the end of July.

As depicted below, Ethereum Staking inflow stood at 141,600 on July 28. At the close of August 2, only 27,648 ETH were deposited into ETH 2.0 staking contracts.

Staking Inflow data tracks the daily volume of ETH coins deposited into ETH 2.0 staking smart contracts. Ideally, when staking rises, it boosts investor confidence and reinforces the security architecture of the blockchain network.

When the rate of staking declines, as observed above, it signals that investors are now optimizing for short-term plays rather than holding out for future gains.

Combined with whales moving funds into exchanges, the staking inflow decline could result in more August headwinds for ETH.

Considering the bearish indicators identified above, ETH bears appear to be eyeing a drastic reversal toward $1,750. Having lost the critical 1,850 support level, the chart below shows that ETH could see a continued downtrend below $1,750.

However,the bears could have difficulty penetrating the psychological support level to around $1,800. At that zone, 2.94 million addresses have acquired 5.78 million ETH at the average price of $1,804.

If that support cannot hold, bears could push Ethereums price toward $1,750.

Still, if the whales begin to stake again, it could trigger a rebound toward $1,900. Although, 5.23 million holders that bought 10.77 million ETH at the average price of $1,864 could pose significant resistance.

Nevertheless, ETH could reclaim the $1,900 milestone if the bulls can overturn that resistance level.

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.

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Ethereum Faces August Headwinds as Bearish Whales Emerge - BeInCrypto

Buenos Aires is gearing up to host Ethereum Argentina, the most critical technology event in the region that will bring together over 4,000 blockchain enthusiasts and experts. The Buildathon will take place on August 16 and 17, and the leading conference will be held on August 18 and 19, aiming to exchange knowledge and develop projects that address fundamental challenges in Latin America.

The stakeholders include users, educators, students, entrepreneurs, and developers, all with the common interest of exploring the transformative potential of Ethereum and blockchain technology. Organizers, industry leaders, and the government also support the event.

Argentina is among the top 20 countries in cryptocurrency adoption and is home to renowned projects such as Decentraland and Open Zeppelin. Recently, Ripio launched UXD, the first Latin American stablecoin tied to the US dollar, to offer Argentines an option to combat the inflation the southern cone country is experiencing.

Ethereum Argentina offers mentoring opportunities in product development, business models, and design, and more than 500 people are expected to participate in the Buildathon. The leading conference will include talks, workshops, and networking opportunities in Spanish and English.

This event strengthens Argentinas position as a blockchain technology hub and draws the attention of investors looking for opportunities in a region with a growing tech ecosystem. The southern cone country where most people talk about cryptocurrencies and wallets (virtual wallets), 33% of its population shares topics about this type of currency on social networks, followed by Brazil with 26% and Mexico with 24%.

Will Argentina continue to bet on cryptocurrencies? According to data from Coinfirm, between July 2021 and June 2022, LATAM received USD $562 billion in cryptocurrencies, representing a 40% year-on-year growth. These figures position Latin America as the seventh-largest cryptocurrency market globally.

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Ethereum Argentina: Key Blockchain Event to Innovate and Solve ... - Contxto

In the realm of cryptocurrencies, Ethereum (ETH) stands tall as the ultimate passive income infrastructure. With its robust blockchain and vibrant ecosystem, Ethereum has become a favored platform for new projects seeking to offer passive income opportunities.

This article delves into the world of Ethereum, shedding light on its ecosystems role in enabling passive income rewards through the likes of BEASTS Coin (BEASTS), Uniswaps (UNI) liquidity-providing, and lending on DeFi protocols like Aave (AAVE)!

Uniswap (UNI) takes center stage as a pioneering decentralized exchange (DEX) that has revolutionized the crypto landscape. Unlike traditional exchanges that rely on order books, Uniswap leverages automated market-making algorithms and liquidity pools. This unique approach eliminates the need for intermediaries, offering faster, more cost-effective, and highly efficient trading experiences.

Uniswaps key strengths lie in its simplicity and accessibility. By becoming a liquidity provider on Uniswap, individuals can contribute their tokens to liquidity pools, earning passive income in return. As these liquidity pools facilitate trades and generate transaction fees, providers are rewarded with a share of those fees, creating a potential avenue for passive income generation.

Enter the world of Aave (AAVE), a leading decentralized lending protocol within the Ethereum ecosystem. Aave offers users the opportunity to earn passive income by lending their digital assets to borrowers on the platform. By depositing funds into Aaves lending pools, individuals can earn interest on their holdings, creating a consistent and passive income stream.

Aaves strengths lie in its extensive range of supported assets, transparency, and robust security measures. Users have the flexibility to lend a wide variety of tokens and enjoy competitive interest rates based on supply and demand dynamics. Furthermore, Aaves protocol is built with a strong focus on security, ensuring that users funds are protected against potential vulnerabilities.

Introducing BEASTS Coin (BEASTS), an exciting new meme coin built on the Ethereum blockchain. BEASTS Coin intertwines science fiction with the world of cryptocurrencies, immersing investors in a captivating narrative. In this storyline, the enigmatic mastermind, Dr. Jekyll, unleashes genetically mutated animals known as Caged Beasts, challenging the oppressive dominance of humanity. By engaging with BEASTS Coin, investors become part of this immersive storyline, blurring the boundaries between fiction and reality.

BEASTS Coin also offers a unique twist to traditional exchange referral programs. Through the Caged Beasts Coin referral system, users can access an array of referral codes that can be generated infinitely. This opens the door to earning an instant 20% commission of USDT, ETH, or BNB on referral rewards! Both the provider and recipient of the code benefit from a 20% gain, making it the ultimate win-win situation!

The world of cryptocurrencies is evolving, and Ethereums ecosystem has emerged as a hotbed for passive income opportunities. Uniswaps innovative approach to decentralized trading and liquidity provision, along with Aaves empowering lending protocols, offer investors exciting avenues for passive income generation.

Additionally, BEASTS Coin introduces a fresh and captivating narrative, engaging users in a unique meme coin experience. As the crypto market continues to evolve, embracing these opportunities can be both financially rewarding and exhilarating. Embrace the future of passive income with Ethereum at the helm.

BEASTS Coin:

Website: https://cagedbeasts.com

Twitter: https://twitter.com/CAGED_BEASTS

Telegram: https://t.me/CAGEDBEASTS

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Passive Income in Crypto: Exploring Ethereum's Potential with ... - Analytics Insight

In a recent flurry of significant digital asset transfers, Ethereum (ETH) investors with considerable financial reserves, colloquially known as whales, have moved approximately $140 million of the cryptocurrency into leading exchanges such as Coinbase, Kraken, and OKX.

According to data from the Ethereum blockchain, first reported n by whale monitoring service Whale Alert, underscores a trend among notable ETH investors, with several transactions worth millions of dollars moving to exchanges after the supply of the second-largest digital asset by market capitalization fell on exchanges in June.

One transaction involved a transfer of 20,000 ETH (valued at just over $38 million) from Arbitrum (ARB), a layer-2 scaling solution, to the popular San Francisco-based digital asset exchange, Kraken.

In another striking move, a transaction amounting to $48.3 million (equivalent to 25,264 ETH) was sent from an unidentified wallet to Coinbase, the largest cryptocurrency exchange platform in the U.S. based on transaction volume.

On top of that, another cryptocurrency whale moved 30,000 ETH (worth nearly $57.7 million) to OKX, a Seychelles-registered digital currency exchange. Notably, these large transactions come as major financial powerhouses that collectively manage an astounding $27 trillion in assets are making inroads into the world of Bitcoin and cryptocurrency after a race to list the first spot Bitcoin exchange-traded fund (ETF) in the United States kicked off.

A recent report from Goldman Sachs citing on-chain data, the supply of the largest cryptocurrency by market capitalization, Bitcoin, tumbled on exchanges by 4%, approaching levels recorded in December 2022. This was the lowest level witnessed since November 2020, immediately prior to the 2021 bull market.

Goldman Sachs report also noted that Ethers supply on exchanges dropped by 5.8%, reaching a level that hasnt been seen since May 2018. This propensity towards self custody is propelled by a convergence of factors, the banking giant stated. These include spot exchanges facing regulatory headwinds, and cyber hacks and theft remaining a concern.

For Ether specifically, Ether staked Ether withdrawals have resulted in investors preference to stake ether, instead of passively holding on exchanges.

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Ethereum ($ETH) Whales Move $140 Million to Crypto Exchanges - CryptoGlobe