Investment firm Bernstein said in a research report released on February 6 that interest in non-fungible tokens (NFTs) has grown in the wake of a mini-game by Yuga Labs. ETH) has seen very healthy on-chain activity recently.
Daily fees on the Ethereum blockchain more than doubled from about $2 million at the beginning of the year to $4 million today, according to a report. From 6 million dollars (about 793 million yen). The price of ETH is up about 35% year-to-date.
Bernstein notes that ETH inflation has remained negative for more than two weeks, and further deflation is expected with more on-chain activity and demand.
Analysts Gautam Chhugani and Manus Agrawal said: “Bitcoin (BTC) and ETH have remained relatively clean, with gradual conviction spot positions. I think it will be formed,” he wrote.
According to the report, the next big thing for Ethereum will be the “Shanghai” upgrade scheduled for mid-March. This upgrade will allow withdrawal of staked ETH.
70% of staked ETH is staked led by liquidity pools and cryptocurrency exchanges such as Lido Finance, so there is not much ETH supply to the market. There are also cautious views on the event due to concerns, he said.
The remaining ETH is deposited on the Beacon Chain and is unlikely to be a short-term holder. As such, the report states that “as concerns recede, confidence in a hold in the spot market will increase.”
｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Original: Bernstein: Ethereum Activity Has Picked Up, With Shanghai Upgrade the Next Big Catalyst