Ethereum's Largest Holders Accumulate Record 56.25 Million Coins

In the world of cryptocurrencies, Ethereum has been a standout performer lately. Despite facing resistance at the $2,444 mark, Ethereum's upward momentum remains strong. What's particularly noteworthy is the ongoing accumulation of Ethereum by its top 150 non-exchange wallet holders, who now hold a staggering 56.25 million coins. This milestone represents an all-time high for Ethereum's whale wallets.

Interestingly, while these large Ethereum holders are accumulating off-exchange, their on-exchange balances remain relatively low, with just 9.46 million ETH collectively. This figure marks the lowest exchange-held balance for the top 150 investors since June 2018.

In addition to this accumulation trend, there is growing optimism about Ethereum-based exchange-traded funds (ETFs) in the United States. Bloomberg analyst James Seifert has hinted at the possibility of Ethereum spot ETFs being launched this year. He suggests that the U.S. Securities and Exchange Commission (SEC) unofficially recognizes Ethereum as a commodity and may approve such products for the market, similar to how they endorsed Ethereum futures ETFs in October of the previous year.

Furthermore, several companies, including VanEck, ARK Invest, 21Shares, and Hashdex, have submitted applications for Ethereum ETFs, with decision deadlines approaching in May 2024. These developments indicate a growing interest in Ethereum within the investment community.

Ethereum has seen remarkable growth over the past year, surging by 79%. As of January 5th, 16:10 Moscow time, it is trading at $2,246 on Binance. Analysts have attributed this growth to Ethereum's reduced annual emission rate since transitioning to the Proof of Stake (PoS) consensus algorithm. Additionally, Ethereum's supply has decreased by 0.215%, rendering it a deflationary asset that generates real returns for its holders.