A recent analysis by CryptoQuant has revealed that a large amount of Ethereum is currently being held by entities that are not actively using or moving their funds. The total number of Ethereum in accumulation addresses has surpassed 19 million, which is nearly double the amount recorded in January 2024.
One of the main reasons for this significant increase in Ethereum accumulation addresses is the approval of Ethereum Spot ETFs earlier this year. This approval has instilled confidence in investors and has made Ethereum more mainstream, attracting both institutional and individual investors.
It is predicted that by the end of 2024, the total value of Ethereum held in accumulation addresses will reach $80 billion, with the number of Ethereum accumulating addresses hitting 20 million. This would make the value of these accumulation addresses comparable to that of some of the world’s largest companies.
According to data from IntoTheBlock, 71% of Ethereum holders are currently in profit, while 29% are in a loss, and only 1% are in a neutral position. Further analysis reveals that the majority of Ethereum holders, over 74%, have held their coins for over a year, indicating a strong belief in the long-term potential of Ethereum.
In the past 24 hours, the price of Ethereum has increased by over 2%, and it has seen a 10% increase over the last seven days. At the time of writing, Ethereum has surpassed the $2,700 mark once again, showing a bullish trend in the market.
Overall, the surge in Ethereum accumulation addresses and the increasing number of profitable holders reflect a positive sentiment towards Ethereum’s future growth and potential. With ongoing developments and favorable market conditions, Ethereum continues to attract a wide range of investors looking to benefit from its long-term prospects in the crypto space.