Ethereum has experienced a notable increase in key bullish indicators, particularly the number of accumulation addresses, as market bulls drive prices upward. Accumulation addresses, which are wallets that have recorded withdrawals or asset transfers, are a crucial metric for assessing market sentiment. These addresses typically include both cold and hot wallets.
There has been a systematic increase in Ethereum hodlers, according to new market statistics from on-chain analytical company CryptoQuant. The data indicates that there are now more addresses than wallets, which exceeds 3,700. Referring to wallets holding between 10,000 and 100,000 ETH and between 10,000 and 100,000 ETH, respectively, we see notable increases in both cases, suggesting a shift in mood.
On May 26, wallets holding 10k–100k ETH held 373,700 coins, while addresses holding 10–10K ETH held 246,700 assets. Industry and macro factors have caused a significant spike in these numbers, according to on-chain statistics. To put things in perspective, on May 1, 22.5K ETH were owned by the former group of wallets, and 29.9K ETH were in the hands of the latter. This demonstrates a sharp increase to current numbers.
Ethereum Transactions Hit Record Highs
Similarly, Ethereum whales have exhibited bullish behavior in the market, with transaction values exceeding $100,000 reaching their highest point this year. Data from IntoTheBlock indicates an accumulation by larger holders, supported by increased activity among traditional finance investors. Ethereum’s trading volumes are surging, with bullish trends indicating a potential price rally. This positive momentum is setting the stage for other altcoins to follow suit.
Following the January 11 approval of spot Bitcoin ETFs, investor accumulation surged, pushing the price to an all-time high of almost $73,000. Due to its enormous success, investors are now using spot Ethereum ETFs. Huge accumulation occurred the week before approvals, when the price jumped over $3,700.
As of the latest update, Ethereum is trading at $3,942, marking a 2% increase in the last 24 hours and a 25% rise over the past week. In related news, an Ethereum whale has transferred 42,192 ETH to an unidentified wallet today.
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