A significant amount of ethereum is held by entities that do not actively spend or move their funds.
According to the latest CryptoQuant ethereum-in-accumulation-addresses-surpassed-19-million-as-o” target=”_blank” rel=”nofollow”>dataThe total number of ethereum (eth) accumulation addresses exceeded 19 million.
As of October 18, the total amount of ethereum in accumulation addresses has almost doubled compared to January 2024.
During the first month of 2024, this metric stood at 11.5 million. At least one analyst believes this figure will exceed 20 million by the end of the year.
Because? ethereum ETF Approval
“In early 2024, ethereum spot ETFs were officially approved, marking a new era. “Regulations increased trust, making ethereum mainstream,” the analyst said.
The CryptoQuant analyst highlighted that since the Securities and Exchange Commission approved spot ethereum exchange-traded funds (ETFs), ethereum has expanded to institutions and individuals alike.
According to the analysis, it is also expected that by the end of 2024, when address holdings reach 20 million eth, the value of accumulated addresses will be as large as that of the world's largest companies.
The analyst also expects the total value of these holdings to reach $80 billion, with ethereum priced around $4,000.
71% of ethereum holders make profits
According to the latest data from eth” target=”_blank” rel=”nofollow”>on the block71% of ethereum holders are currently making profits.
The data also shows that 29% of holders are in losses, with about 1% in neutral.
<img loading="lazy" decoding="async" width="576" height="149" src="https://crypto.news/app/uploads/2024/10/image-11.png” alt=”ethereum in cumulative addresses doubles since January 2024: CryptoQuant – 1″/>
A closer look at the makeup of eth holders shows that over 74% of holders have held onto their coins for over a year.
About 23% of holders have held onto their eth for a period of 1 to 12 months. Only 3% of holders have held it for less than 1 month.
ethereum price has increased by more than 2% in the last 24 hours. It is also up over 10% in the last seven days and reclaimed the $2,700 level at the time of this publication.
