According to Nansen data, on August 8, major players in the crypto market transferred large amounts of funds to the Ethereum network, LDO coin and cryptos such as LINK, PEPE. These professional investors, known as Smart Money, are drawing attention. Because they showed great interest in Ethereum’s derivatives and related tokens.
Smart money is attacking LDO coin and them
According to Nansen’s 24-hour Ethereum network fund inflows list, the most notable flows are as follows:
- Wrapped Ethereum (WETH): It ranked first on the list with an inflow of over $45 million. WETH is a token that enables Ethereum to be used on other Blockchains.
- aETH and Derivatives: Ethereum staking derivatives such as Lido Staked Ethereum (stETH), Rocket Pool (rETH), Coinbase Staked Ethereum (cbETH) have also seen significant inflows, indicating that investors are turning to locking Ethereum for the long term and earning staking rewards.
- Lido DAO Token (LDO): LDO, the governance token of Ethereum staking solution Lido Finance, has also received a significant inflow of funds, indicating that Lido is growing in popularity and investors are confident in the future of the protocol.
- LINK and PEPE: Other tokens such as LINK, the token of the Oracle solution Chainlink, and the meme coin PEPE also attracted attention by being included in the list.
What do these developments mean?
Funding inflows of this scale once again demonstrate the attractiveness of the Ethereum network among investors. Especially with the Ethereum 2.0 transition, the network’s significant improvements in scalability and security continue to attract the attention of institutional investors.
- Will Ethereum’s dominance increase?: This could increase Ethereum’s dominance in the cryptocurrency market and cause other altcoins to lose relative value.
- Is the DeFi sector gaining momentum again?The use of decentralized finance (DeFi) protocols running on the Ethereum network is expected to increase, which could contribute to the growth of the DeFi sector and the emergence of new projects.
- Staking rewards are becoming attractive: Ethereum staking offers investors the opportunity to earn passive income. This means that more investors are locking up Ethereum. It also strengthens the security of the network.
As a result, Smart Money’s large investments in Ethereum are critical, as they could be a significant turning point in the cryptocurrency market. This development gives positive signals about the future of Ethereum. It can also become a reference point for other cryptocurrency projects.
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