On December 5, 2022, the rate of the Ethereum Exchange inflow volume was revealed. As shown in a tweet, it decreased from a previous 1-month low of $13,854,150.76 to a 1-month low of $13,729,290.78, a clear indication that people are not selling Ethereum. This could be linked to the following factors
Previous 1-month low of $13,854,150.76 was observed on 01 December 2022
— glassnode alerts (@glassnodealerts) December 5, 2022
The Ethereum cryptocurrency was developed to enable direct payments between individuals without the use of banks or other intermediaries. Vitalik Buterin published the Ethereum white paper in 2013.
It has recently come to light that a staggering number of individuals, organizations, and investment firms are adopting blockchain technology and cryptocurrencies. People are now concentrating their focus on this new digital horizon, and with Ethereum in particular, we have seen billions of dollars worth of applications built onto the Blockchain network. The more robust the entire platform becomes, the more difficult it will be to stop. Networking is clarified at this time. Networking is one of the reasons why people aren’t selling their Ethereum. Every day, more people join the network, more talents are cultivated, more attention is attracted, and the network itself is growing. It is a crucial factor in why people are holding off on selling at the moment.
Another thing to consider is the possibility that more people are stockpiling during the bear market. The markets are divided into bull and bear markets. A bull market occurs when the market is in a positive state, whereas a bear market is the exact opposite. The price of these tokens falls sharply during a bear market, and users tend to stockpile more during this time to sell more during a bull market. When the price of these tokens skyrockets, it is called a “bull market,” and it is at this time that selling becomes favorable.
One other reason may be inferred from the Ethereum merge’s events, which were noted as an utter success because the network effectively switched from proof of work to proof of stake. Over 2000 times more efficient than Proof of Work, according to records, is Proof of Stake. Over 99.95% less Ethereum energy was used with this merge. This has had a significant impact on the world’s largest network’s centralization and is a significant step toward the development of a truly decentralized society in which anyone can benefit from contributing to a network without owning and maintaining expensive hardware.