AsignificantamountofEthereumisbeingheldbyentitiesnotactivelyspendingormovingtheirfunds.
AccordingtothelatestCryptoQuantdata,thetotalnumberofEthereum(ETH)inaccumulationaddressessurpassed19million.
AsofOct.18,thetotalamountofEthereuminaccumulationaddressesalmostdoubledincomparisontoJanuary2024.
Duringthefirstmonthof2024,thismetricstoodat11.5million.Atleastoneanalystbelievesthatthisnumberwillsurpass20millionbytheendoftheyear.
Why?EthereumETFapproval
“Inearly2024,EthereumSpotETFswereofficiallyapproved,markinganewera.Regulationsboostedconfidence,makingEthereummainstream,”theanalyststated.
TheCryptoQuantanalysthighlightedthatsincetheSecuritiesandExchangeCommissionapprovedspotEthereumexchange-tradedfunds(ETFs),Ethereumexpandedtoinstitutionsandindividualsalike.
Aspertheanalysis,it’salsoexpectedthatbytheendof2024,whentheaddressholdingshit20millionETH,thevalueoftheaccumulationaddresseswillbeasbigasthatoftheworld’slargestcompanies.
Theanalystalsoexpectsthetotalvalueoftheseholdingstohit$80billion,withEthereumpricedataround$4,000.
71%ofEthereumholdersinprofit
AccordingtothelatestdatafromIntoTheBlock,71%oftheEthereumholdersarecurrentlyinprofit.
Thedataalsoshowsthat29%oftheholdersareinloss,withroughly1%inneutral.
Source:IntoTheBlock
AcloserlookattheETHholderscompositionshowsthatover74%oftheholdershaveheldtheircoinsforoverayear.
About23%oftheholdershaveheldtheirETHforthedurationof1to12months.Only3%oftheholdershavehelditforlessthan1month.
TheEthereumpricehassurgedbyover2%inthelast24hours.It’salsoupbyover10%inthelastsevendaysandreclaimedthe$2,700levelatpresstime.
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