$50 billion worth of Ethereum is locked in storage wallets, an increase of 65% since the beginning of 2024, reflecting the growing confidence of long-term investors in the crypto market.
Cumulative value of Ethereum reaches $50 billion
One crypto analyst estimates that there is about $50 billion worth of Ether in storage wallets at the moment, an increase of almost 65% compared to early 2024.
According to an analysis report published by CryptoQuant contributor Burakkesmeci on October 20, the total number of Ethereum in storage addresses exceeded 19 million by October 18, 2024.
$50.2 billion held by long-term investors
This means that at the time of this writing, when Ether was trading at $2,645, there was approximately $50.2 billion held in accumulation addresses (accounts of long-term investors who had never withdrawn before).
Burakkesmeci drew attention to the fact that the amount of Ethereum stored in storage addresses has increased by 65% since January, with approximately 11.5 million ETH stored in these addresses during that period.
Key indicators of long-term reliability
Cointelegraph points out that accumulation addresses are an important indicator for traders and market participants, as they indicate how confident people are in Ethereum's long-term prospects.
According to Burakkesmeci, the total amount of Ethereum held in these wallets “will exceed 20 million” by the end of 2024. Many of his thoughts were predicated on the July launch of the Spot Ether ETF and the excitement surrounding it.
Spot Ether ETF promotes accumulation
The Spot Ether ETF has experienced a total of $467.3 million in net outflows since its introduction on July 23, according to data provided by Farside.
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