A significant portion of #etherreum is now held by entities that are not actively spending or moving their funds.
According to the latest data from CryptoQuant, the amount of Ethereum (#ETH🔥🔥🔥🔥 ) on so-called accumulation addresses has surpassed 19 million.
As of October 18th, the total amount of Ethereum on these addresses has nearly doubled compared to January 2024.
At the start of the year, this metric stood at 11.5 million $ETH , and one analyst predicts that this figure will exceed 20 million by the end of the year.
Approval of Ethereum ETFs as a Key Factor
The analyst explains that a major reason for this growth is the approval of Ethereum Spot ETFs at the beginning of 2024. This move brought new confidence in regulations and helped Ethereum become more mainstream.
Since the Securities and Exchange Commission (SEC) approved the Ethereum Spot ETF, interest in Ethereum has grown among both institutions and individuals.
Growth of Accumulation Addresses and Their Value
According to the analysis, it is expected that by the end of 2024, accumulation addresses will reach 20 million ETH, a level comparable to the holdings of the world’s largest companies.
Analysts predict that the total value of these addresses will reach $80 billion, with Ethereum's price possibly hovering around $4,000 USD per unit.
71% of Ethereum Holders Are in Profit
According to data from IntoTheBlock, currently 71% of Ethereum holders are in profit.
The data also shows that 29% of holders are at a loss, while roughly 1% are neutral.
Looking at the holding duration, more than 74% of Ethereum holders have been holding their coins for over one year.
Around 23% of holders have had ETH for 1 to 12 months, and only 3% have held Ethereum for less than one month.
Recent Growth in Ethereum’s Price
Ethereum’s price has risen by more than 2% in the last 24 hours and by more than 10% over the past seven days. At the time of writing, Ethereum has regained the $2,700 USD level.
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