Several on-chain metrics of Ethereum

Recently, crypto analytics firm Glassnode noted a few on-chain metrics for Ethereum. Specifically, ETH balances on exchanges and wallets balances are historically low.

The big question now is whether the slow growth of these indicators (also seen as the fundamentals) threaten the price of ETH and possibly lead to the next sell-off?

According to researchers at Glassnode, ethereum's balance on exchanges (Id MA) recently fell to a six-month low of around 17,188,000 ETH. This shows that users are now choosing to keep their funds in cold wallets instead of trading assets after the latest sell-off.

In addition, Glassnode noted in another separate tweet that the number of addresses holding over 1,000 ETH has dropped to its lowest level in two years. According to the analyst firm, the figure is currently at 7,265, slightly lower than the 7,2770 announced earlier today.

You will need a reputable trading website: bitcoin exchange

The combination of a decline in on-chain fundamentals could cause trouble for ETH price in the near term.

Currently the second largest asset in the crypto market is trading at $ 362, down over 5% in the past 24 hours. However, trader MuroCrypto has observed that the asset will continue to decline until they can overcome resistance at $ 380.

The CEO of Binance enthusiastically invites Ethereum-based DeFi projects to join the Binance Smart Chain

Binance CEO Changpeng Zhao is actively calling for Ethereum-based DeFi projects to participate in his Binance Smart Chain (BSC) platform.

During a discussion on twitter, the CEO of Binance said that if the Ethereum-based DeFi projects join the Binance Smart Chain (BSC) platform, it will reduce the load on the Ethereum network, and reduce Ethereum's gas fees.

Therefore, this is completely beneficial for the user.

Later, Changpeng Zhao emphasized that Binance Smart Chain will not be a replacement or a competitor to Ethereum. He added that Binance Smart Chain offers smart contract creators more options:

“Our Binance Smart Chain is never going to replace Ethereum, it's only Ethereum compatible. Smart projects are giving their users more options, options at a cheaper cost .. ”

The head of Binance also revealed that a few days ago the Binance Smart Chain transaction volume recently reached 10% compared to the Ethereum network.

Since the launch of Binance Smart Chain on September 1, Binance recently announced the creation of a $ 100 million investment fund for projects built on Binance Smart Chain.

BurgerSwap, the latest DeFi project that has recorded a large volume of transactions in just 24 hours, is now being supported on Binance Smart Chain.

“In the past, I often tried not to comment on specific projects or a particular cryptocurrency… But in the near future I might tweet about projects on Binance Smart Chain, this is not Recommendation or something… I just wanted to introduce potential projects to the community, ”said Zhao.

Finally, he noted to the investor that not all DeFi projects are successful, there have been many failed projects in the past time:

“Some projects can bring short-term returns, but they also come with super high risks. Don't invest money you can't afford to lose.