Ethereum Holders On The Rise: Accumulation Addresses Double Since January 2024—Report
Ethereum's long-term holding addresses have surged from 11.5 million to 19 million ETH, indicating increased investor confidence. This growth is attributed to the US SEC's approval of spot Ethereum ETFs, attracting both individual and institutional investors. Projections suggest that by the end of 2024, ETH in these addresses could match the market value of major companies, potentially reaching $80 billion if prices stabilize around $4,000. Additionally, over 34.6 million ETH, nearly 30% of the total supply, is locked in staking contracts, reducing market availability and supporting price stability. Currently, ETH trades above $2,700, with upward price momentum and a critical resistance level at $3,022. Long-term optimism for Ethereum remains strong amid these developments.
