Long-term holders of Ethereum (ETH) have demonstrated unwavering conviction in 2024, with their collective holdings steadily increasing.

Currently, around 110 million ETH is held by these long-term investors, marking a significant rise in their stake over the past two years.

Social sentiment surrounding Ethereum has turned notably negative, reaching its lowest point since December 18, 2023—traditionally seen as a bullish signal. In fact, Ethereum surged by 30% in price when sentiment was at its lowest during that period, providing a potential indicator for future growth.

According to the latest Ethereum Hodler Report from @intotheblock, long-term ETH holders have accumulated approximately 37 million more tokens, a 50% increase, from 73 million to 110 million between December 2022 and 2024.

Despite the price volatility, ranging from $1,200 to $4,000, investors have shown strong resolve, continuing to buy and hold through market swings. This growing confidence suggests a belief in Ethereum’s long-term value.

https://twitter.com/lord_zyre/status/1869162699164471366?t=GMGrqa8A7jjaFa-Y3idxwQ&s=19

The factors driving this trend include consistent accumulation amidst price fluctuations, sustained long-term investor confidence, and increasing belief in Ethereum’s fundamental value and its ecosystem’s future potential.

For crypto investors, key takeaways include monitoring hodler balances as a sentiment gauge, considering dollar-cost averaging strategies, and staying updated on Ethereum’s ecosystem developments. Maintaining a balanced and risk-aware portfolio will be crucial in navigating potential volatility.

Ethereum’s spot ETF also saw a boost, with $145 million in net inflows on December 17, marking the 17th consecutive day of positive inflows. BlackRock’s ETHA ETF led the way with a notable single-day inflow of $135 million, reinforcing the market’s optimism toward Ethereum.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: Bastian Riccardi on Unsplash // Image Effects by Colorcinch

The post Ethereum Shows Strong Conviction As Long-Term Holders Ramp Up Accumulation appeared first on The Merkle News.