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Ether Trades Down 20% After 2 Year High

Ether, the second-largest cryptocurrency in terms of market value traded at $345 on Friday as of 15:20 UTC. On a month-to-month basis, this marks a 20% decline following on the heels of ether reaching two-year highs of more than $480 on September 1.

Despite the correction, top non-exchange addresses increased their ether holdings by 8% to 27.9 million up from 25.54 million, according to data by blockchain intelligence firm Santiment and reported by CoinDesk  Since mid-July, the number of ether held on non-exchange addresses increased by 20%.

ETH’s adjusted transfer value (7-day average) did surpass BTC’s on September 6th. It has increased its margin since the launch of the UNI token.

Much of these transactions take place on DeFi networks. The value locked in DeFi applications increased to more than $9 billion earlier this month, representing an increase of more than 1,400% year-to-date.