Key Points
According to CryptoQuant data, a large quantity of Ethereum is being held by entities that are not actively using or moving their funds. The total amount of Ethereum in accumulation addresses exceeded 19 million as of October 18. This is almost double the amount in January 2024, which stood at 11.5 million.
Ethereum ETF Approval
One analyst predicts that this number will surpass 20 million by the end of the year. This surge is attributed to the official approval of Ethereum Spot ETFs in early 2024. This marked a new era, with regulations boosting confidence and making Ethereum mainstream.
The approval of spot Ethereum exchange-traded funds (ETFs) by the Securities and Exchange Commission has expanded Ethereum’s reach to institutions and individuals alike. The analyst anticipates that by the end of 2024, when address holdings reach 20 million ETH, the value of accumulation addresses will rival that of the world’s largest companies.
The total value of these holdings is expected to reach $80 billion, assuming an Ethereum price of around $4,000.
Ethereum Holders in Profit
According to the latest data from IntoTheBlock, 71% of Ethereum holders are currently profiting. Conversely, 29% of holders are in loss, with approximately 1% in a neutral state.
An in-depth examination of the composition of ETH holders reveals that over 74% have held their coins for more than a year. About 23% have held their ETH for 1 to 12 months, while only 3% have held it for less than a month.
The price of Ethereum has risen by over 2% in the last 24 hours. It has also increased by over 10% in the last seven days and has reclaimed the $2,700 level at the time of writing.
