New data shows an increase in the number of addresses adding new Ethereum as the bulls are headed for an upswing.
Ethereum has registered a significant jump in key bullish metrics such as accumulation addresses as bulls ignite the market’s upward movement.
The number of pooled addresses is an important factor in monitoring market sentiment, which is defined as a wallet in which withdrawals or transfers of assets are recorded. Metrics often consist of cold and hot wallets.
Accumulated wallets points blush
New market data from on-chain analysis firm CryptoQuant shows a systemic increase in Ethereum hoarders. According to the data, the number of addresses has increased from 3,700 wallets.
Mirroring this data through the lens of wallets with 10 – 10k ETH and 10k to 100k ETH, both show significant increases, indicating increased sentiment.
Addresses with 10-10K ETH hold 246,700 assets while wallets with 10k-100k ETH hold 373,700 coins on May 26. On-chain data shows huge jumps in these numbers due to industry and macro factors.
To put this in perspective, on May 1st, the former group of wallets held 22.5K ETH while the latter controlled 29.9K ETH. This represents a massive leap to present data.
Trending
SEC Official Targets Crypto Sector’s Lack of Rules
Similarly, the Ethereum wheel has also recorded booming activity in the market as transaction values of over $100,000 hit their all-time high this year. Data from IntoTheBlock points to accumulation by large holders with strong momentum among traditional financial investors.
Ethereum’s trading volume is increasing rapidly, signaling a bullish market that is setting the firm up for other altcoins.
Spot Ethereum ETFs promote accumulation.
The January 11 approval of spot Bitcoin ETFs fueled investor accumulation, pushing the price above $73,000. This widespread success has led investors to turn to Ethereum ETFs in one place. The week leading up to the approvals saw heavy accumulation as the price rose above $3,700.
At press time, Ethereum is exchanging hands at $3,942, up 2% over the past 24 hours and a 25% weekly rally. In another development, an Ethereum whale transferred 42,192 ETH to an unknown wallet today.
