ETH value in accumulated wallets increased by 65% ​​since early 2024

More than $50 billion in Ether is now locked in cumulative wallets — up nearly 65% ​​from early 2024, according to one crypto analyst.

“As of October 18, 2024, the total amount of Ethereum in cumulative addresses has surpassed 19 million,” CryptoQuant contributor Burakkesmeci wrote in a note from October 20.

11.5M ETH Increase in Accumulated Addresses

At press time, with Ether (ETH) trading at $2,645, this equates to roughly $50.2 billion locked in accumulation addresses — addresses of long-term investors with no previous withdrawals.

Burakkesmeci highlighted that the amount of Ethereum in cumulative addresses has increased by 65% ​​since January when there were about 11.5 million ETH in these addresses.

Accumulated addresses are an important indicator for traders and market participants, as they provide an indication of overall confidence in Ethereum's long-term prospects.

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Cumulative ETH balances on addresses as of October 18. Source: CryptoQuant

Burakkesmeci believes that the total amount of ETH in these wallets “will surpass 20 million” by the end of 2024. He bases much of his hopes on the launch of spot Ether ETFs in July.

“This is no longer just for tech enthusiasts — institutions and individuals see it as a vital part of the financial future,” Burakkesmeci stated.

Since launching on July 23, spot Ether ETFs have recorded a total net outflow of $467.3 million, according to data from Farside.

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Spot Ether ETFs have seen net outflows of $467.3 million since their launch in July. Source: Farside Data

On October 15, TinTucBitcoin reported that Ethereum investors were frustrated as its supply continued to increase despite the network being heavily utilized.

Traders' Recent Concerns About Ether's Future Open Interest

In a recent blog post, Ethereum founder Vitalik Buterin acknowledged this problem and suggested that improving transaction times through solutions like last-minute locking could help.

On the same day, the total accessible Ether futures market volume surpassed 5 million ETH for the first time, up 12% from four weeks earlier.

This is worrying traders as they believe this could be a warning. Increased demand for LEVERAGED ETH positions often precedes severe price corrections.

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