A significant amount of Ethereum is held by entities that are not actively spending or moving funds.
According to the latest CryptoQuant data, the total number of Ethereum (ETH) in storage addresses has exceeded 19 million.
As of October 18th, the total amount of Ethereum in storage addresses has almost doubled compared to January 2024.
In the first month of 2024, this indicator was 11.5 million people. At least one analyst believes this number will exceed 20 million by the end of the year.
why? Ethereum ETF Approved
“A new era began with the formal approval of Ethereum spot ETFs in early 2024. Regulation has increased trust and brought Ethereum into the mainstream,” the analyst said.
Analysts at CryptoQuant highlighted that Ethereum has expanded to both institutions and individuals since the Securities and Exchange Commission approved the Spot Ethereum Exchange Traded Fund (ETF).
The analysis also predicts that by the end of 2024, when address holdings reach 20 million ETH, the value of accumulated addresses will be as large as the value of the world's largest companies.
Analysts also expect the total value of these holdings to reach $80 billion, and the price of Ethereum to be around $4,000.
71% of Ethereum holders are profitable
According to the latest data from IntoTheBlock, 71% of Ethereum holders are currently profiting.
The data also shows that 29% of holders are in a loss and about 1% are in the neutral.
A closer look at the composition of ETH holders reveals that over 74% of holders have held their coins for more than a year.
Approximately 23% of holders have held ETH for 1-12 months. Only 3% have held it for less than a month.
Ethereum price has increased by more than 2% in the past 24 hours. It has risen more than 10% in the past seven days and has regained the $2,700 level at the time of writing.
