Ethereum has been crucial in the mainstream DeFi and crypto adoption. For now, Ethereum has its market cap hovering at $350 billion, reflecting the token’s remarkable growth over the previous decade. Also, the platform’s growth incorporated Ethereum holders that played critical roles in the long journey.
Investors Accumulating
While publishing this blog, Ethereum’s vital stakeholders present impressive accumulations according to the data by Santiment. These enthusiasts added around 142K more Ether to their holding within the previous ten days. The shopping spree shows investors’ hope for the project’s future.
Santiment added that Ethereum experiences the ‘most stable level of accumulation’ in more than four months. Ethereum has seen a sustained address increase over the past year.
Data showed that the ETH blockchain gained approximately 18.36 million addresses with greater than zero balances in 2021. That means a surprising 1.53 million addresses addition per month. The addresses display an exponential growth even at this publication.
The gradual growth (regardless of made sense with the intensifying competition in the crypto marketplace. IntoTheBlock data shows 70% of Ether holders witnessed colossal gains, whereas 28% remained underwater. Nevertheless, that meant a bullish case for Ethereum enthusiasts from the past, and the narrative can continue.
Furthermore, the ETH updates such as the Merge have started increasing the chain’s speed and reducing gas fees. While publishing this article, Ether’s average gas charges stood near 54.69 Gwei, a substantial drop over the recent past. That marked a change of -23.87% from the last year and -4.29% since yesterday.
Meanwhile, the reducing fee structure with the anticipated Merge may see Ethereum’s traction growing as new market players would want to join the ecosystem.
From Positive to Negative
Nevertheless, not everyone appears to support this narrative. Some ETH investors trimmed their exposure to protect themselves from crypto markets volatility into the weekend.
Top 100 ETH addresses note substantial outflows of Ethereum within the previous 24 hours. According to WhaleStats data, these dominant investors sold approximately $783,734 in Ether over the last two days. That means a negative sentiment for the alt.
We have more crypto updates lined up for you. Stay tuned.
