A large quantity of Ethereum is being retained by entities that are not actively using or transferring their assets.
As per the most recent CryptoQuant information, the total Ethereum (ETH) in accumulation addresses has exceeded 19 million.
As of October 18, the total amount of Ethereum in accumulation addresses has nearly doubled from January 2024.
At the beginning of 2024, this figure was 11.5 million. One analyst anticipates that this will surpass 20 million by the year’s end.
Why? Ethereum ETF authorization
“In early 2024, the approval of Ethereum Spot ETFs heralded a new phase. The enhanced regulations increased confidence, bringing Ethereum into the mainstream,” noted the analyst.
The analyst from CryptoQuant pointed out that since the Securities and Exchange Commission greenlit spot Ethereum exchange-traded funds (ETFs), Ethereum has gained traction among both institutions and individuals.
According to the analysis, it is further projected that by the end of 2024, when address holdings reach 20 million ETH, the total value of these accumulation addresses will rival that of the largest companies globally.
The analyst also estimates that the overall value of these holdings could reach $80 billion with Ethereum priced around $4,000.
71% of Ethereum holders in the green
Based on the latest statistics from IntoTheBlock, 71% of Ethereum holders are currently experiencing profits.
The figures indicate that 29% of holders are operating at a loss, while approximately 1% remain at a neutral position.
A more detailed examination of the ETH holders’ composition reveals that over 74% have retained their coins for more than a year.
Approximately 23% of holders have kept their ETH for a duration of 1 to 12 months, with only 3% having held it for less than 1 month.
The price of Ethereum has risen by over 2% in the past 24 hours. Additionally, it has increased by more than 10% over the last seven days, successfully reclaiming the $2,700 level at the time of this report.
