Crypto markets had a fairly flat day before pulling back slightly upon the New York open. ETH volume across exchanges reached extremely high levels, and on-chain data suggests the network’s fundamentals remain sound as ever.
- In the last two weeks, ETH price took a bigger drawdown (-50%) than BTC (-35%). However, far more ETH has changed hands as seen in the spikes in volume on the 22nd and 25th of May. ETH volume across CEXes and DEXes was consistently over $100 billion per day and has flippened BTC’s exchange volume.
- Considering ETH’s sharper drawdown, the high amount of volume is a potential indication of capitulation and coins moving from speculators to those with more conviction.
- Monthly options for BTC and ETH are set to expire tomorrow at 8