Ethereum (ETH) continues to generate significant interest among long-term investors, as evidenced by the steady increase in their holdings. According to data from IntoTheBlock, long-term holders of ETH now hold a combined 110 million tokens. This accumulation trend has been consistent throughout the year, showcasing the growing conviction among ETH holders despite market fluctuations. IntoTheBlock interprets this as a bullish sign, indicating that investors are confident in the long-term prospects of Ethereum. The increasing popularity of decentralized finance (DeFi) protocols and the upcoming Merge upgrade, which will transition Ethereum to a proof-of-stake consensus mechanism, are believed to be contributing factors to the growing adoption of ETH.

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