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ETH Network Fees Near YTD Lows, Friend.tech Resurrects

Sep 11, 2023
Market Update $BTC continues to slide after trending lower over the weekend, reaching levels not seen since mid-June at $25.1k. Notably, the daily time frame is nearing a bearish “death cross,” which occurs when the 50-day simple moving average (SMA) crosses under the longer-term 200-day SMA. While not a surefire predictor of an impending bear market, it indicates a clear shift in trend, with investors showing caution in a seasonally bearish period. Ethereum is underperforming Bitcoin after falling to $1.5k, following its death cross ten days ago. Solana is underperforming among the top 10, dropping 8.8% over the last week. Markets seem to be front-running potential selling from FTX, which will receive a court ruling later this week on its request to liquidate its crypto assets, including an estimated $650m of $SOL. While this represents a significant amount of outstanding supply, the holdings would still be subject to vesting lock-ups and weekly liquidation limits between $100m-$200m. U.S equities are moving higher to start the week, with investors looking to assess this week’s upcoming CPI release and next week’s FOMC. According to data from Coin Metrics, Ethereum supply has become inflationary over the last week as transaction fees near YTD lows. On-chain activity ha

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