A substantial amount of Ethereum is currently being held by entities that are not actively using or moving their funds, indicating a trend of accumulation.
Recent data from CryptoQuant reveals that the total number of Ethereum (ETH) in accumulation addresses has surpassed 19 million. This figure represents a significant increase, nearly doubling from 11.5 million in January 2024. One analyst predicts that this number could exceed 20 million by the end of the year, driven largely by the approval of Ethereum exchange-traded funds (ETFs).
The approval of Ethereum Spot ETFs in early 2024 has been a game-changer. “Regulations boosted confidence, making Ethereum mainstream,” the analyst noted, highlighting how these developments have opened the door for both institutions and individual investors to engage with Ethereum more actively.
Looking ahead, the analyst anticipates that by the end of 2024, as address holdings approach 20 million ETH, the total value of these accumulation addresses could rival that of the world’s largest companies. They estimate that the total value of these holdings could reach $80 billion, assuming Ethereum maintains a price of around $4,000.
In terms of current profitability, data from IntoTheBlock shows that 71% of Ethereum holders are in profit, while 29% are at a loss and about 1% remain neutral. A closer analysis of the holder composition reveals that over 74% of ETH holders have held their coins for more than a year, with roughly 23% holding their assets for between one and twelve months. Only 3% have held Ethereum for less than one month.
Ethereum’s price has also seen a notable increase, surging over 2% in the past 24 hours and climbing more than 10% over the past week, reclaiming the $2,700 level at the time of this report.
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