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Over $50 billion worth of Ethereum has been locked in accumulation wallets, a 65% jump since the start of 2024, reflecting the growing confidence of long-term investors in the cryptocurrency market.
Ethereum Accumulation Reaches $50B Mark
A crypto analyst estimates that there is almost $50 billion worth of Ether in accumulation wallets at the moment, which is almost 65% more than at the start of 2024.
In an analysis report published on October 20th by CryptoQuant contributor Burakkesmeci, the total number of Ethereum in accumulation addresses exceeded 19 million by October 18, 2024.
$50.2B Held by Long-Term Investors
This translates to around $50.2 billion held in accumulation addresses—accounts of long-term investors who have not made any withdrawals before—at the time of writing, when Ether was trading at $2,645.
Burakkesmeci brought attention to the fact that the quantity of Ethereum stored in accumulation addresses has increased by 65% since January, when there were around 11.5 million ETH stored in these addresses during that time period.
Key Indicator for Long-Term Confidence
Because they show how confident people are in Ethereum's long-term prospects, accumulation addresses are a key metric for traders and market participants, Cointelegraph notes.
The sum of Ethereum held in these wallets "will exceed 20 million" by the end of 2024, according to Burakkesmeci. Much of his thinking was predicated on the July launch of spot Ether ETFs and the excitement surrounding them.
Spot Ether ETFs Drive Accumulation
According to data provided by Farside, spot Ether exchange-traded funds have experienced a total net outflow of $467.3 million since its introduction on July 23.
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