Ethereum in accumulation addresses double since January 2024: CryptoQuant

A significant amount of Ethereum is held by organizations that do not actively spend or move their funds.

According to the latest CryptoQuant data, the total number of Ethereum (ETH) in accumulation addresses exceeded 19 million.

As of October 18, the total amount of Ethereum in accumulation addresses has almost doubled compared to January 2024.

In the first month of 2024, this measure was 11.5 million. At least one analyst believes that number will exceed 20 million by the end of the year.

From where? Ethereum ETF approval

“In early 2024, Ethereum Spot ETFs were officially approved, marking a new era. The analyst noted that the regulations increased trust and brought Ethereum into the mainstream.

The CryptoQuant analyst emphasized that Ethereum has expanded to both institutions and individuals since the Securities and Exchange Commission approved spot Ethereum exchange-traded funds (ETFs).

According to the analysis, the value of accumulation addresses is expected to be as large as the world’s largest companies by the end of 2024, when address stocks reach 20 million ETH.

The analyst also expects the total value of these assets to reach $80 billion, with the price of Ethereum to be around $4,000.

71% of Ethereum owners are in profit

According to IntoTheBlock’s latest data, 71% of Ethereum holders are currently in profit.

The data also shows that 29% of shareholders are at a loss, while roughly 1% are neutral.

Source: IntoTheBlock

A closer look at the composition of ETH holders shows that more than 74% of holders have held their crypto for more than a year.

Approximately 23% of holders hold their ETH for 1 to 12 months. Only 3% of owners have had it for less than 1 month.

Ethereum price has increased by over 2% in the last 24 hours. It has also gained over 10% in the last seven days and reclaimed the $2,700 level at the time of writing.