Ethereum Accumulation Rises As 70% Holders Are In Profit: What It Means For ETH Price?

According to an analysis from on-chain analytics firm CryptoQuant, the total Ethereum (ETH) amount in accumulation wallets has surged to over 19 million. Ethere

According to an analysis from on-chain analytics firm CryptoQuant, the total Ethereum (ETH) amount in accumulation wallets has surged to over 19 million.

Ethereum Accumulation Continues To Surge

The analysis shared by verified CryptoQuant analyst, Burak Kesmeci, indicates that more than 19 million ETH is now held by the so-called “accumulation addresses.” In January 2024, these addresses held about 11.5 million ETH.

The rapid increase in ETH held by accumulation addresses suggests that sophisticated investors may anticipate a rally in the digital assets market toward the end of the year.

Kesmeci highlighted that the amount of ETH held in these addresses has almost doubled and might rise above 20 million ETH by year end. Several factors contribute to this high level of ETH accumulation.

First, the approval of Ethereum-based exchange-traded funds (ETFs) earlier this year by the US Securities and Exchange Commission (SEC) gave the much-sought regulatory clarity and approval to the second-larg…