Ethereum in Storage Addresses Has Doubled Since January 2024: CryptoQuant
Date: 2024-10-21 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
According to CryptoQuant’s latest report, the amount of Ethereum (ETH) in storage addresses has surpassed 19 million.
As of October 18, the amount of Ethereum in such addresses has almost doubled compared to January 2024. While the figure was 11.5 million at the beginning of the year, one analyst predicts that this figure will exceed 20 million by the end of the year.
Ethereum and ETF Approvals
“Early 2024 saw the official approval of Ethereum spot ETFs, which was a turning point. The regulatory measures increased confidence, making Ethereum popular with a wider audience,” the analyst notes.
The expert emphasizes that since the approval of the Ethereum spot ETF by the US Securities and Exchange Commission, interest in the cryptocurrency has grown significantly among both institutional and retail investors. It is expected that by the end of 2024, when the number of accumulation addresses reaches 20 million, the value of these assets may be equal to the largest companies in the world.
Analysts also predict that the total value of such accumulations will reach $ 80 billion, with the price of Ethereum being about $ 4,000 per coin.
71% of Ethereum holders are in profit
According to the latest data from IntoTheBlock, 71% of Ethereum holders are in the black. It is also reported that 29% are in the red, and about 1% are in a neutral position.
An analysis of the structure of ETH holders shows that more than 74% of owners have been storing their coins for more than a year. About 23% hold their assets in the range of 1 to 12 months, and only 3% - less than a month.
The price of Ethereum has risen more than 2% in the last 24 hours and more than 10% in the last seven days, once again exceeding the $2,700 mark at the time of publication.
