A substantial amount of Ethereum is being held by entities that are not actively trading or moving their assets.
Recent data shows that the total amount of Ethereum (ETH) in accumulation addresses has exceeded 19 million.
As of October 18, the amount of Ethereum in these addresses has nearly doubled since January 2024.
At the start of 2024, this figure was at 11.5 million. Some analysts predict that it will surpass 20 million by the end of this year.
Impact of Ethereum ETF Approval
“In early 2024, the approval of Ethereum Spot ETFs has marked a significant milestone. This regulatory advancement has instilled greater confidence in Ethereum’s mainstream acceptance,” one analyst noted.
The approval of spot Ethereum exchange-traded funds (ETFs) has opened new avenues for institutional and individual investors alike.
Analysts project that by the end of 2024, when the total ETH holdings hit 20 million, the value of these accumulation addresses could rival that of the world’s largest companies.
The anticipated total value of these holdings could reach $80 billion, with Ethereum trading at approximately $4,000.
Majority of Ethereum Holders in Profit
Data reveals that 71% of Ethereum holders are currently in profit.
In contrast, 29% of holders are facing losses, while around 1% are in a neutral position.
Examining the composition of ETH holders, over 74% have maintained their holdings for more than a year.
Approximately 23% of holders have kept their Ethereum for a duration of one to twelve months, with only 3% holding it for less than one month.
Ethereum’s price has seen a rise of over 2% in the last 24 hours and is up more than 10% over the past week, reclaiming the $2,700 mark at the time of reporting.
