A significant amount of Ethereum is being held by entities not actively spending or moving their funds.
According to the latest CryptoQuant data, the total number of Ethereum (ETH) in accumulation addresses surpassed 19 million.
As of Oct. 18, the total amount of Ethereum in accumulation addresses almost doubled in comparison to January 2024.
During the first month of 2024, this metric stood at 11.5 million. At least one analyst believes that this number will surpass 20 million by the end of the year.
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 highlighted that since the Securities and Exchange Commission approved spot Ethereum exchange-traded funds (ETFs), Ethereum expanded to institutions and individuals alike.
As per the analysis, it’s also expected that…
