A popular crypto analytics firm says that Bitcoin (BTC) and Ethereum (ETH) fees are plummeting as the speculative fever surrounding digital assets fades.
New data from IntoTheBlock reveals that total fees related to BTC and ETH have dropped by 32% and 24.4%, respectively, this week.
“Bitcoin and Ethereum fees have dropped significantly this week, down 32% and 24% respectively. It looks like the speculative frenzy may be boiling over. Will this trend continue or just pause?
IntoTheBlock also notes that ETH whale activity has flourished as wealthy ETH investors now hold about 3.5 million more tokens than before.
“Ethereum whales are on the rise! They currently hold 30.07 million ETH, up from 26.56 million ETH at the beginning of 2023. More holdings indicate accumulation is underway.”
The analytics firm finds that BTC and stocks are increasingly exhibiting a lack of correlation, which could mean new capital is on its way to Bitcoin.
“Bitcoins and stocks are currently exhibiting a significant lack of correlation and even showing a negative correlation! Studies show that allocating 10-20% of your assets to uncorrelated assets can significantly reduce risk. Can this emerging trend attract new capital for Bitcoin?