Ethereum in accumulation addresses double since January 2024: CryptoQuant

As of October 18, 2024, data from CryptoQuant indicates that Ethereum’s accumulation addresses now hold over 19 million ETH, showing a substantial rise since January 2024, when this figure stood at 11.5 million ETH.

This surge in accumulated ETH suggests a growing trend of investors choosing to hold their assets rather than engage in active trading. One analyst anticipates that Ethereum could exceed 20 million ETH in accumulation addresses by the close of this year, continuing the upward trajectory seen in 2024.

Why? Ethereum ETF approval

“In early 2024, Ethereum Spot ETFs were officially approved, marking a new era. Regulations boosted confidence, making Ethereum mainstream,” the analyst stated.

The CryptoQuant analyst pointed out that the approval of spot Ethereum exchange-traded funds (ETFs) by the Securities and Exchange Commission has opened the door for both institutions and individuals to engage with Ethereum.

According to the analysis, by the close of 2024, as the total Ethereum in accumulation addresses reaches 20 million ETH, the value of these holdings could rival that of some of the largest companies in the world.

The analyst further predicts that the combined value of these accumulated assets could soar to $80 billion, assuming Ethereum maintains a price of around $4,000.

71% of Ethereum holders in profit

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

The data also shows that 29% of the holders are in loss, with roughly 1% in neutral.

An in-depth analysis of ETH holders reveals that more than 74% of them have held their coins for over a year. Around 23% of holders have kept their ETH for a period of 1 to 12 months, while only 3% have held it for less than a month.

In terms of price action, Ethereum has seen an increase of over 2% in the past 24 hours. It has also gained more than 10% over the past seven days, regaining the $2,700 mark at the time of writing.