Ethereum's On-Chain Fundamentals Point Towards A Bullish Future

Things may be looking up for Ethereum ETH/USD with numerous on-chain data parameters painting a bullish picture for the coin.

What Happened: Data shared by blockchain analytics firm Glassnode shows today that the Ethereum blockchain supply which was last active from five to seven years ago has just reached an all-time high of 9,934,820 ETH — equivalent to nearly $18.5 billion as of press time. The firm also pointed out today the seven-day moving average of the number of Ethereum deposits to cryptocurrency exchanges reached a six-month low of under 1,300.

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This data suggests the number of Ethereum holders who do not expect to sell their coins anytime soon is on the rise since not transferring their coins to exchanges results in them being unable to sell their Ethereum immediately.

The number of coins that have not moved for five to seven years reaching a new high also highlights an increasing number of investors holding their Ethereum for the long term. But, it should be pointed out that wallets to which the keys were lost are expected to result in this metric growing over time for reasons unrelated to market forces.

Other data shared by Glassnode indicate on Monday the seven-day moving average of Ethereum's transaction volume reached a one-month low of 68,074 ETH, with the previous low of 68,236 ETH being observed in May. Also, Ethereum's number of sending addresses reached an eight-month low on Monday. This suggests that while long-term investment is increasing, short-term speculative activity, as well as activity on Ethereum's on-chain ecosystem, is slightly cooling off.

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