Ethereum's ETF buzz propels it to the crypto trend peak, but social metrics vary. Traders show optimism as ETH treads cautiously at $1,641.
The ETF filing, submitted by Ark Investment and 21 Shares, has the potential to grant more users access to Ethereum and subsequently increase its liquidity and price. This development sparked significant speculation in the market, propelling ETH to a trending position it hadn’t held since its halving last year.
However, as of this writing, the trend has subsided. Also, ETH had dropped to the ninth position on the trend chart, with a 24-hour social volume of approximately 481.social volume, it’s evident that there was no significant surge in response to the ETF filing news. Instead, the chart illustrated a substantial decline in social volume since June.
Before the press time level, social volume averaged around 10,000. But as of this writing, the social volume had dwindled to 633.On the other hand, a closer look at the social dominance metric did reveal a slight increase on 7 September when it reached over 9%. However, as of this writing, it had decreased to approximately 7%.As per the new address metric provided by Glassnode, the ETF news had a modest impact.
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