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The figures on the left show that, following November 7, the day FTX and Alameda fell, all the tokens under analysis saw a significant price decline, and none of them has been able to fully recover their lost value to this point.
The price of the ETH token was $1583 on November 1st, but it is currently $1156. As a result, compared to November 1st, the price of the Ethereum token has dropped by almost -27.9%.
The graphs on the left show that FTX hackers have been active since November 12th. On November 20th, they began selling some of their tokens, and as time goes on, we can view their approximate ETH balance.
And starting November 12th, we can monitor the relationship between hackers' ETH balance and the price of the ETH token over time. As we can see, the ETH price declined over time when the hacker started selling ETH tokens on November 20. During this time period, there is a wholly positive link between the ETH price and the ETH balance of the drain wallets. FTX exists.
Additionally, we can observe that the unloader's ETH balance was almost $250,000 on November 20th, but it is declining with time.
The data indicates that a significant amount of ETH was traded on DEXs in November. Another factor contributing to the decline in the price of Ethereum in recent days is the nett volume of exchanges, which is 74.6 million ETH.
The FTX and Alameda collapses occurred on November 8–10, the same dates as the largest quantity and volume of ETH sales. Furthermore, in terms of volume and number, there are more swaps from WETH to other tokens than swaps to WETH every day. \n However, recent days have seen an increase in WETH exchange activity, which may be good news for ETH.
It is clear that every day, but especially from November 8 to 10, the nett volume of exchange is entirely negative.
In November, we may also notice a trend in the relationship between the price of ETH and the number of exchange transactions, or sales on DEXs. \n When there was a large amount of trading from ETH to other tokens, the primary price drop took place.
Given that ETH's nett flow on CEXs was negative (-10.78M) in November, CEXs are doing better for ETH than DEXs. This demonstrates that in November, the bulk of ETH tokens were removed from controlled exchanges, which may be good news since it means there are fewer opportunities to sell ETH on CEX.
We can also examine the daily inflow, outflow, and netting flow of ETH tokens on controlled exchanges over time in November in the graph on the left. \n As we can see, the withdrawals have typically outpaced the inflows, which is excellent for the ETH coin. \n Therefore, the ETH token's favourable positioning on CEXs as opposed to DEXs may be the reason it hasn't lost more value.
Conclusion
We've given a number of explanations for the recent decline in the price of Ethereum, but it appears that the hacked behaviour of FTX and the intense selling pressure of its nearly neighbouring exchange's depleted Ethereum tokens are the key drivers. This might be good news for ETH; therefore, if nothing else negative occurs, it might soon regain its lost value. \n After the FTX crash, we saw a lot of cryptocurrencies lose their value. SOL, which FTX had heavily invested in, had the sharpest decline in price. \n The price of the ETH token is closely tied to the FTX hackers' ETH balance and selling activity. \n In November, we observed more withdrawals from CEXs than inflows, indicating less risk of ETH selling pressure on centralised exchanges. ETH is performing better on CEXs than DEXs.
Introduction
What is ethereum coin?
Ethereum is a decentralized blockchain platform that establishes a peer-to-peer network that securely executes and verifies application code, called smart contracts. Smart contracts allow participants to transact with each other without a trusted central authority. Transaction records are immutable, verifiable, and securely distributed across the network, giving participants full ownership and visibility into transaction data. Transactions are sent from and received by user-created Ethereum accounts. A sender must sign transactions and spend Ether, Ethereum's native cryptocurrency, as a cost of processing transactions on the network.
In the tables that show the amount of eth transfer, the amount of eth transfer to non-miners from the exchange is more than other operations on the 19th and especially on the 9th of Nov.
Among the user-chosen exchanges, Binance is the most used by users, especially on Nov 9 with 2.3M ETH transfer volume.
