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Home»BITCOIN NEWS»Ethereum accumulated address holdings surge 60% in 5 months – Details
BITCOIN NEWS

Ethereum accumulated address holdings surge 60% in 5 months – Details

By Crypto FlexsDecember 22, 20243 Mins Read
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Ethereum accumulated address holdings surge 60% in 5 months – Details
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Amid a decline in general cryptocurrency market prices last week, Ethereum (ETH) recorded a price correction of over 19.5% and found support at the local bottom at $3,100. Since then, the prominent altcoin has shown a slight resilient rise of over 5% in the last two days. However, recent data on wallet activity provides plenty of cause for optimism about Ethereum’s long-term future.

Ethereum HODL increases supply dominance to 16%.

In a recent QuickTake post, CryptoQuant analyst MAC_D shared some positive insights about the Ethereum market.

Cryptocurrency market experts reported that cumulative Ethereum address balances surged by 60% from August to December. During this period, these HODL wallets increased their share of ETH supply from 10% to 16%. That is, 19.4 million ETH out of 120 million ETH.

To explain, an accumulation address is a wallet that stores Ethereum but rarely moves or sells its holdings. It is considered a measure of long-term investment and confidence.

According to MAC_D, the sharp increase in Ethereum HODL wallet holdings is a new development not seen in previous bull cycles. Analysts attributed this huge accumulation rate to investors’ optimistic expectations about the incoming Donald Trump administration in the United States.

These expectations include more favorable regulation for the DeFi industry, which represents a key sector of the Ethereum ecosystem. Therefore, regardless of Ethereum’s current price movements, these long-term holding wallets will likely continue to increase their holdings in anticipation of future price increases.

Additionally, MAC_D highlights the importance of these accumulation addresses in that the price of Ethereum has never fallen below the realized price. Therefore, if you continue to purchase these wallets, there is a high probability of long-term price appreciation.

What’s next for ETH?

Regarding Ethereum’s immediate movements, MAC_D warns that macroeconomic factors are likely to have a greater impact on the price of ETH in the near term, as evidenced by the recent price crash due to a possible interest rate cut in 2025.

As of this writing, the altcoin is trading at $3,352 after falling 3.07% in the last 24 hours. At the same time, ETH’s daily trading volume decreased by 53.25% and its value reached $31.15 billion.

Following the recent price drop, Ethereum has had a negative performance on the larger chart, with losses of 14.74% and 1.05% over the past 7 and 30 days, respectively. The positive thing is that the price of the asset remains well above its initial price ($2,397) when the price rise began after the US presidential election. This indicates that long-term sentiment remains positive.

With a market capitalization of $401 billion, Ethereum continues to be the second largest cryptocurrency and largest altcoin in the digital asset market.

Ethereum

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