Ethereum has played an important role in the mainstream adoption of the cryptocurrency market and DeFi in general. Ethereum’s market cap is currently $340 billion, which shows how much the cryptocurrency has grown over the past decade. This growth includes ETH holders who play a vital role in this long journey.
Ethereum Accumulation Attracts Attention
At press time, ETH stakeholders said that Santiment to the data shows an impressive accumulation frenzy. These stakeholders added 142 thousand ETH to their ‘bags in the last 10 days’. The chart below shows a graphical example of this shopping spree.
The analytics firm also added:
“After a long decline to mid-December, this is the most sustained level of accumulation we have seen in four months.”
Ethereum addresses have increased steadily since last year. The data revealed that the Ethereum network gained 18.36 million addresses with a balance greater than zero in 2021. This equates to an astonishing growth rate of 1.53 million new addresses per month.
On the other hand, according to IntotheBlock data, 70% of ETH holders are making big gains, while 28% are in losses. But overall, this data reflects a bullish scenario from the past for ETH holders and this can be expected to continue in the future.
Additionally, Ethereum updates (Merge) have already started to lower the gas fee and increase the speed of the network. The average gas price of ETH, at press time, stands at 54.69 Gwei. This represents a decrease of 4.29% compared to yesterday and 23.87% compared to a year ago.
With the upcoming “Merge” and the decreasing fee structure, it can be said that we will witness some momentum growth as new investors will consider joining the ecosystem.
Does Everyone Agree?
However, not everyone seems to agree with this narrative. Some Ethereum (ETH) holders have lowered their risk to protect themselves from the volatile crypto markets entering the weekend. The top 100 Ethereum wallets have witnessed significant ETH exits in the past 24 hours. According to Whalestats, these raid holders have sold around $783,734 in ETH in the past two days.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.