, 17 tweets, 7 min read Read on Twitter
1/17. The price of ETH is +8% in the past 7 days. Are we in for a bigger move?

Let's have a look at the fundamentals. Thread:
2/17. Starting with on-chain data. After almost a year of straight decline, the number of new addresses being created on Ethereum each day has been growing for 3 straight months.
3/17. Ethereum continues to be the only public blockchain besides Bitcoin that has a meaningful market for security paid in fees. Per @onchainfx, ETH fees have totaled $53,666 in the past 24 hours, more than 48x the next closest coin (Litecoin, $1101 in fees).
4/17. After bottoming in early February, the amount of gas being used daily on the Ethereum network continues to grow.
5/17. According to ViewBase, which tracks exchange flows, ETH had the 10th-largest exchange outflow over the last month when compared against 119 ERC20 tokens. This strongly suggests accumulation.
6/17. There is $362.7M worth of ETH locked in open finance applications. This is not quite the all-time high level we saw last month (mostly due to MakerDAO's stability fee increases), but when you zoom out, the YoY growth (+7780%) is staggering.
7/17. The amount of Dai locked in #DeFi also continues to grow despite multiple @MakerDAO stability fee increases that have made it expensive to have outstanding Dai.
8/17. There are nearly $100M in outstanding secured loans on Compound, Dharma, and MakerDAO right now (h/t @LoanScan_io).
9/17. Moving to off-chain indicators. The biggest development in recent memory dropped yesterday as the CFTC appears ready to approve ETH futures. Futures are a prerequisite for an ETF.

10/17. We've also seen major multi-national companies such as JP Morgan, DTCC, Samsung, EY, and Societe Generale announce they are experimenting with Ethereum over the past month.

11/17. And when we take a step back and look at industry data provided by Forbes, it also confirms Ethereum is the current platform of choice for large companies.

12/17. Looking towards the future, the first staking-enabled testnet for Ethereum 2.0 was launched by @prylabs today. This is a major development milestone on the path to Ethereum 2.0.

13/17. Finally, while not fundamentals-based, let's have a look at what a few of my favorite technical analysts are saying.

@joemccann says we could be expecting YTD highs.

15/17. @CarpeNoctom points out the cross above the 200EMA, which is significant.

17/17. In conclusion, ETH fundamentals are the strongest they've been in years. I suspect ETH will start to differentiate itself from the pack w/r/t performance as investors finally wake up to this. Forget the future, ETH 1.0 is delivering now.


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