• Drop in new addresses was indicative of the wider lack of ETH demand
• Price action and Coinbase Premium pointed towards firm selling pressure in recent weeks

Ethereum [ETH] has shed 12.44% of its value in the last 30 days, compared to Bitcoin’s [BTC] losses of 4.74% at press time. In fact, ETH has struggled to defend key support levels in the ;ast six weeks. Its affinity to the $3k level and thereabouts has given rise to many jokes made at the expense of ETH holders and bulls.

Despite the bearish sentiment, however, whale accumulation has continued. The $30 million withdrawal from Binance was not representative of market sentiment. In fact, the price action and other metrics gave more bearish than bullish signs.

In a post on X (formerly Twitter) crypto analyst Ali Martinez noted that the network growth has been slowing down. The new addresses change over the past week (7-day NA) was -9.32%. This indicated reduced adoption and demand from newcomers to the chain.

On the other hand, the 7-day active address change saw a 7.7% positive swing. This alluded to fewer newcomers, but higher trading and network activity over the past week.