A significant amount of Ethereum is being held by entities not actively spending or moving their funds.
According to the latest CryptoQuant data, the total number of Ethereum (ETH) in accumulation addresses surpassed 19 million.
As of Oct. 18, the total amount of Ethereum in accumulation addresses almost doubled in comparison to January 2024.
During the first month of 2024, this metric stood at 11.5 million. At least one analyst believes that this number will surpass 20 million by the end of the year.
Why? Ethereum ETF approval
“In early 2024, Ethereum Spot ETFs were officially approved, marking a new era. Regulations boosted confidence, making Ethereum mainstream,” the analyst stated.
The CryptoQuant analyst highlighted that since the Securities and Exchange Commission approved spot Ethereum exchange-traded funds (ETFs), Ethereum expanded to institutions and individuals alike.
As per the analysis, it’s also expected that by the end of 2024, when the address holdings hit 20 million ETH, the value of the accumulation addresses will be as big as that of the world’s largest companies.
The analyst also expects the total value of these holdings to hit $80 billion, with Ethereum priced at around $4,000.
71% of Ethereum holders in profit
According to the latest data from IntoTheBlock, 71% of the Ethereum holders are currently in profit.
The data also shows that 29% of the holders are in loss, with roughly 1% in neutral.
Source: IntoTheBlock
A closer look at the ETH holders composition shows that over 74% of the holders have held their coins for over a year.
About 23% of the holders have held their ETH for the duration of 1 to 12 months. Only 3% of the holders have held it for less than 1 month.
The Ethereum price has surged by over 2% in the last 24 hours. It’s also up by over 10% in the last seven days and reclaimed the $2,700 level at press time.