{"id":649121,"date":"2024-10-22T04:30:28","date_gmt":"2024-10-22T04:30:28","guid":{"rendered":"https:\/\/wncen.com\/?p=649121"},"modified":"2024-10-21T16:41:49","modified_gmt":"2024-10-21T16:41:49","slug":"ethereum-accumulation-rises-as-70-holders-are-in-profit-what-it-means-for-eth-price","status":"publish","type":"post","link":"https:\/\/wncen.com\/ethereum-news\/ethereum-accumulation-rises-as-70-holders-are-in-profit-what-it-means-for-eth-price\/","title":{"rendered":"Ethereum Accumulation Rises As 70% Holders Are In Profit: What It Means For ETH Price?"},"content":{"rendered":"

According to an analysis from on-chain analytics firm CryptoQuant, the total Ethereum (ETH) amount in accumulation wallets has surged to over 19 million.<\/span><\/p>\n

Ethereum Accumulation Continues To Surge<\/span><\/h2>\n

The analysis shared by verified CryptoQuant analyst, Burak Kesmeci, <\/span>indicates<\/span><\/a> that more than 19 million ETH is now held by the so-called \u201caccumulation addresses.\u201d In January 2024, these addresses held about 11.5 million ETH.<\/span><\/p>\n

Related Reading: Survey Finds Almost 70% Of Ethereum Institutional Investors Engaged In ETH Staking<\/a><\/div>\n

The rapid <\/span>increase<\/span><\/a> in ETH held by accumulation addresses suggests that sophisticated investors may anticipate a rally in the digital assets market toward the end of the year.<\/span><\/p>\n

Kesmeci highlighted that the amount of ETH held in these addresses has almost doubled and might rise above 20 million ETH by year end. Several factors contribute to this high level of ETH accumulation.<\/span><\/p>\n

First, the approval of Ethereum-based exchange-traded funds (ETFs) earlier this year by the US Securities and Exchange Commission (SEC) gave the much-sought regulatory clarity and approval to the second-largest cryptocurrency by reported market cap. The analyst explains:<\/span><\/p>\n

Regulations boosted confidence, making Ethereum mainstream. It\u2019s no longer just for tech enthusiasts – institutions and individuals see it as a key part of the financial future. <\/span>I expect these addresses to hold over 20 million ETH by the end of the year. With Ethereum priced around $4,000, the total value will surpass $80 billion, making these accumulation addresses as valuable as some of the world\u2019s largest companies.<\/span><\/p><\/blockquote>\n

As of October 18, 2024, US-based ETH spot ETFs <\/span>hold<\/span><\/a> total net assets worth $7.35 billion, representing almost 2.3% of Ethereum\u2019s market cap. In the last week, ETH spot ETFs attracted $78.9 million in net inflows after two consecutive weeks of net outflows.<\/span><\/p>\n

70% Of ETH Holders In Profit<\/span><\/h2>\n

Data<\/span><\/a> from IntoTheBlock shows that 70% of ETH holders are in profit, while 28% are in loss and 2% are at breakeven.\u00a0<\/span><\/p>\n

Further, 74% of current ETH holders have held the digital asset for over a year, while 23% have held it for over a month but less than a year. These factors indicate that investors are not eager to part with their ETH holdings anytime soon.<\/span><\/p>\n

A majority of profitable holders may lead to increased buying pressure, potentially driving ETH prices higher. However, many holders realizing profits could also result in selling pressure, creating volatility.<\/span><\/p>\n

Related Reading: Ethereum Derivative Market Sees Over 50,000 ETH Inflow \u2013 Price Fall Imminent?<\/a><\/div>\n

The case for heightened ETH volatility is strengthened by the recent sharp <\/span>rise<\/span><\/a> in open interest for the digital asset. Some crypto analysts are confident that ETH will re-test some of its crucial resistance levels before further upside movement.<\/span><\/p>\n

For instance, crypto analyst Carl Runefelt recently <\/span>opined<\/span><\/a> that if ETH breaks the $2,640 resistance level, it could initiate a significant price rally. ETH trades at $2,663 at press time, down 2.4% in the past 24 hours.<\/span><\/p>\n

\"ethereum\"
ETH trades at $2,663 on the daily chart | Source: ETHUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Unsplash, Chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

According to an analysis from on-chain analytics firm CryptoQuant, the total Ethereum (ETH) amount in accumulation wallets has surged to over 19 million. Ethereum Accumulation Continues To Surge The analysis shared by verified CryptoQuant analyst, Burak Kesmeci, indicates that more than 19 million ETH is now held by the so-called \u201caccumulation addresses.\u201d In January 2024, these addresses held about 11.5 million ETH. Related Reading: Survey Finds Almost 70% Of Ethereum Institutional Investors Engaged In ETH Staking The rapid increase in ETH held by accumulation addresses suggests that sophisticated investors may anticipate a rally in the digital assets market toward the end of the year. Kesmeci highlighted that the amount of ETH held in these addresses has almost doubled and might rise above 20 million ETH by year end. Several factors contribute to this high level of ETH accumulation. First, the approval of Ethereum-based exchange-traded funds (ETFs) earlier this year by the US Securities and Exchange Commission (SEC) gave the much-sought regulatory clarity and approval to the second-largest cryptocurrency by reported market cap. The analyst explains: Regulations boosted confidence, making Ethereum mainstream. It\u2019s no longer just for tech enthusiasts – institutions and individuals see it as a key part of the financial future. I expect these addresses to hold over 20 million ETH by the end of the year. With Ethereum priced around $4,000, the total value will surpass $80 billion, making these accumulation addresses as valuable as some of the world\u2019s largest companies. As of October 18, 2024, US-based ETH spot ETFs hold total net assets worth $7.35 billion, representing almost 2.3% of Ethereum\u2019s market cap. In the last week, ETH spot ETFs attracted $78.9 million in net inflows after two consecutive weeks of net outflows. 70% Of ETH Holders In Profit Data from IntoTheBlock shows that 70% of ETH holders are in profit, while 28% are in loss and 2% are at breakeven.\u00a0 Further, 74% of current ETH holders have held the digital asset for over a year, while 23% have held it for over a month but less than a year. These factors indicate that investors are not eager to part with their ETH holdings anytime soon. A majority of profitable holders may lead to increased buying pressure, potentially driving ETH prices higher. However, many holders realizing profits could also result in selling pressure, creating volatility. Related Reading: Ethereum Derivative Market Sees Over 50,000 ETH Inflow \u2013 Price Fall Imminent? The case for heightened ETH volatility is strengthened by the recent sharp rise in open interest for the digital asset. Some crypto analysts are confident that ETH will re-test some of its crucial resistance levels before further upside movement. For instance, crypto analyst Carl Runefelt recently opined that if ETH breaks the $2,640 resistance level, it could initiate a significant price rally. ETH trades at $2,663 at press time, down 2.4% in the past 24 hours. Featured image from Unsplash, Chart from Tradingview.com<\/p>\n","protected":false},"author":619,"featured_media":649124,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[89518],"tags":[134,1020,89686,1558,15385,8323,89155,1946,78803],"class_list":["post-649121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news","tag-altcoin","tag-blockchain","tag-crypto-analysis","tag-cryptocurrency","tag-digital-asset","tag-eth","tag-eth-etf","tag-ethereum","tag-ethusdt"],"acf":[],"yoast_head":"\nEthereum Accumulation Rises As 70% Holders Are In Profit: What It Means For ETH Price?<\/title>\n<meta name=\"description\" content=\"According to an analysis from CryptoQuant analyst, the total amount of Ethereum in accumulation wallets has surged beyond 19 million.\" \/>\n<meta name=\"robots\" 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Ash\u2019s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution. When it comes to communicating these complex topics, Ash\u2019s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights. Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. 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