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The data on the chain shows that Ethereum has seen a significant increase in its realized hat recently and signals incoming capital in access.
Ethereum realized that CAP has risen to $ 244.6 billion recently
In a new one post At X, the analysis company Glassnode has talked about how the trend in Ethereum Realized hat Has turned since Pectra upgrade. The Pectra upgrade went live on May 7 and introduced a bunch of improvements to the ETH network, including improvements and an increase in transaction capacity.
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As the diagram shared by the analyst company shows, the arrival of the upgrade seems to have coincided with a turn in the realized lid of Cryptocurrency.
The realized lid refers to a capitalization model on the chain that calculates the total value of Ethereum by assuming that the “real” value for each token in circulation is equal to the last price at which it was transacted on blockchain.
In essence, the realized CAP summarizes the last acquisition price for the entire ETH delivery. As such, it can be seen as a measure of the total capital amount that investors have added to Cryptocurrency.
From the graph it is visible that the realized lid hit a peak in early February and observed a turn to the disadvantage. When the value of the metric falls, it is a sign that capital is flowing out of Ethereum.
These outflows from the asset continued for about three months, together with which the price of course witnessed a downward trend. However, since the Pectra upgrade, another reversal has occurred for the realized cap, as its value has begun to go up instead.
On the upgrade day, the indicator amounted to $ 240.8 billion. Today, it has risen to $ 244.6 billion, which indicates that about $ 3.8 billion (corresponding to an increase of 1.6%) in capital has flown into ETH during the days.
In addition to these capital inflows, the Ethereum price has observed an explosion, as it has gone from $ 1,800 to the current $ 2500 level. It remains to be seen how long the realized cap trend would maintain.
While the coin’s capital flow situation has found a turn with the Pectra upgrade, it has not been true for Network activity So far, as Glassnode has pointed out in another x post.
“Since the upgrade, the average new and resurrected addresses are down compared to the YTD values (–1.8%and -8.4%respectively) – but Churn is particularly lower (–8.5%),” the analysis company notes. Resurrected addresses refer to the addresses that have become active again after a period of inactivity, while Churna is opposite; They are the previously active addresses that have become cold.
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These trends would mean that the upgrade has failed to attract interest from new or returning users, but at the same time it has increased the commitment among the existing Ethereum users, thus the decline in Churn.
Tet price
At the time of writing, Ethereum is traded by about $ 2500, a decrease over 4% over the past week.
Image from Dall-E, Glassnode.com, diagram from tradingview.com
