Ethereum and Bitcoin Holders Maintain Strong Positions Despite Market Fluctuations

The Ethereum network has seen a surge in the number of addresses holding varying amounts of ETH, reaching a total of 107,035,209, according to Glassnode's latest report. On December 27, a new all-time high was achieved, and the blockchain network continues to expand. The price of Ethereum rose to $2,228 on the night of December 28, with strong support at the $2,000 level. The risk of a significant drop remains minimal, as the majority of the digital currency supply is under the control of long-term investors. IntoTheBlock's data reveals that holders who have not moved their ETH for more than 12 months hold at least 70% of the total Ethereum supply.

Bitcoin holders are also showing a similar trend of holding their digital assets. They are refraining from selling and are opting for offline storage solutions. The reduction in the altcoin's supply on exchanges is accompanied by decreased network activity. According to Santiment, the average daily number of addresses sending and receiving Ethereum dropped to 460,560 recently, down from over 518,000 in mid-December. Traders are avoiding sending ETH to exchange addresses, reducing the risk of cryptocurrency sales until the end of 2023, according to experts.

Despite market fluctuations, the strong positions of long-term investors in both Ethereum and Bitcoin suggest a positive outlook for these cryptocurrencies in the long run.