Overview
Recent TradingView data indicates a continued decline in the ETH/BTC exchange rate, hitting 0.05663—the lowest level since July 2022. This marks a nearly 30% drop since Ethereum's Merge implementation in September 2022.
Bloomberg ETF analyst James Seyffart announced that ProShares will launch a Short ETH Strategy ETF (ticker: SETH) on October 16. This ETF aims to capitalize on ETH price declines without direct short exposure. Notably, the SEC expedited approvals for traditional ETH futures ETFs but maintained a standard timeline for SETH.
In secondary markets, ETH shows short-term consolidation near $1550 (support)** and **$1600 (resistance).
Secondary Market Analysis
1. Spot Market
- Price Movement: ETH dipped to $1520 before closing at $1555 (-3.7% weekly).
Network Metrics:
- Blocks mined: 50,015 (-0.13%).
- Active addresses: 2,626,238 (-0.7%).
- ETH burned: 5,523 (-23.8%).
2. Large Transactions
- Whale activity dropped 31.5% week-over-week (1,199 vs. 1,751 transactions).
3. ETH Holdings Distribution
- Staking: 27.75M ETH (23.08% staking rate).
- Breakdown:
| Category | % Holdings |
|----------------|------------|
| Exchanges | 8.59% |
| DeFi | 31.72% |
| Large Wallets | 29.02% |
4. DeFi Locked Value
- Total: $201.1B (-3.8%).
Top Protocols:
- Lido ($140.6B).
- MakerDAO ($44.3B).
- Aave ($40.2B).
Ecosystem & Technology Updates
1. Devnet #10 Progress
Key Details:
- Expected launch next week with 330K active validators.
- Focused on testing EIP-4844 KZG setups.
Devnet #9 Issues:
- 7% validator downtime (Geth/Teku nodes).
- MEV-Boost blob transactions discarded—reasons unclear.
2. Community Insights
- Dispute: Analysts challenge Glassnode’s "whale sell-off" data, citing unaccounted staking contracts.
- Data Correction: Top 1% addresses show no supply decline when staking is factored.
3. Project Highlights
- Tornado Cash: Still Ethereum’s largest mixer ($77.35M monthly volume) despite OFAC sanctions.
- Circle: Launched native USDC on Polygon PoS—no bridging required.
- Reserve Protocol: Expanded to Base for low-cost RTokens.
4. Network Metrics
- Fee Revenue: Hit April 2020 lows (-90% from May 2023).
- Validators: Queue fully cleared (vs. 96K in June).
5. Notable Transactions
- Ethereum Foundation: Sold 1,700 ETH ($2.76M)—largest 2023 trade.
FAQ Section
Q: Why is ETH/BTC falling?
A: Post-Merge underperformance vs. Bitcoin, compounded by market sentiment and staking dynamics.
Q: What’s unique about ProShares’ SETH ETF?
A: It’s the first short-focused ETH futures ETF, profiting from declines without direct shorting.
Q: How does native USDC on Polygon help users?
A: Eliminates bridge risks and reduces transaction costs for DeFi interactions.
👉 Explore real-time ETH/BTC trends
👉 Dive into Ethereum staking analytics
Data as of October 15, 2023.