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HODLers in Profit: Ethereum Accumulation Addresses Triple to 24.3M ETH

Ethereum’s long-term holders are stacking coins at an unprecedented pace, with on-chain data showing that accumulation addresses now control 24.3 million ETH, nearly three times the amount seen before U.S. spot ETF approvals in May 2024.

The sharp rise has fueled speculation that institutional capital is driving a new wave of conviction buying.

Institutional Appetite Reshapes Ethereum’s Market Structure

Data shared by CryptoQuant analyst Burak Kesmeci shows how addresses that rarely sell, described as accumulation wallets by the analytics platform, have ballooned from 8.9 million ETH in May 2024 to 24.3 million ETH today.

According to the expert, inflows into these wallets have accelerated since June, with some days recording more than 500,000 ETH being transferred.

Furthermore, the average cost basis of these holders is roughly $2,500, compared to a market price near $4,330, placing them about 80% in profit. Historically, such positions have been known to strengthen long-term conviction rather than trigger large-scale selling.

Meanwhile, market commentator JA Maartun recently pointed out that Ethereum ETFs have attracted more than $4 billion in net inflows over the past 30 days. In that time, their Bitcoin counterparts saw outflows of $920 million. This capital rotation has led some analysts to argue that Ethereum is starting to challenge BTC’s dominance in investor portfolios.

The narrative has been further reinforced by corporate treasuries and whales. A recent report revealed that mining firm BitMine holds at least 1.7 million ETH worth $8 billion, while Arkham identified nine deep-pocketed investors who collectively bought nearly half a billion dollars’ worth of the cryptocurrency this month through custodians such as Bitgo and Galaxy Digital.

At the policy level, Ethereum’s positioning has caught the attention of Wall Street, with VanEck CEO Jan van Eck telling Fox News Business that the network could serve as the backbone for banks adapting to stablecoin transactions following the passage of the U.S. GENIUS Act in July.

Price Action and the Road Ahead

At the time of this writing, ETH was trading around $4,329, down 5.7% in the last 24 hours and 6.8% over the past two weeks. However, it is still showing a 13.6% gain across 30 days as well as a 70% increase year-on-year.

Despite recent weakness, the world’s second-largest cryptocurrency has outperformed the broader digital asset market, which slid more than 6% in the past week, suggesting relative strength.

Analysts at Matrixport expect near-term volatility between $4,355 and $4,958, framing the upper boundary as Ethereum’s “breakout wall.” Clearing that level could set the stage for another leg higher, though the risk of sharp pullbacks remains if accumulation slows.

职位 HODLers in Profit: Ethereum Accumulation Addresses Triple to 24.3M ETH 首次出现在 加密土豆.


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