New Ethereum Accumulation Addresses Surge as Bulls Eye $4,000 Price
Ethereum has recorded a significant jump in key bullish metrics like accumulation addresses as bulls ignite a market uphill movement. The number of accumulation addresses is an important factor in monitoring market sentiment defined as wallets that have recorded withdrawals or transfers of assets. The metric often consisted of cold and hot wallets.
Accumulation Wallets Points Bullish
New market data from on-chain analysis firm CryptoQuant shows a systemic rise in Ethereum hodlers. According to the data, the amount of addresses has soared above 3,700 wallets. Mirroring this data along the lenses of wallets with 10 – 10k ETH and 10k to 100k ETH, both show significant upticks pointing to a jump in sentiments.
Addresses with 10- 10K ETH hold 246,700 assets while wallets with 10k- 100k ETH hold 373,700 coins on May 26. On-chain data shows a huge leap to these numbers sparked by industry and macro factors. To put it into perspective, on May 1, the former group of wallets held 22.5K ETH while the latter controlled 29.9K ETH. This shows a massive jump to present figures.
Similarly, Ethereum whales have also recorded bullish activity in the market as transaction value worth over $100,000 hit its all-time high this year. Data from IntoTheBlock points to an accumulation from larger holders with strengthened movement amid traditional finance investors.
Ethereum’s trading volumes are soaring with bulls signaling a price run in the market setting the firm for other altcoins.
Spot Ethereum ETFs Boost Accumulation
The approval of spot Bitcoin ETFs on Jan 11 led to a rise in investor accumulation taking the price to an all-time high above $73,000. This widespread success led to investors turning to a spot Ethereum ETF. The week leading up to approvals saw huge accumulation as the price surged above $3,700.
At press time, Ethereum exchanges hands at $3,942, a 2% increase in the last 24 hours and a 25% weekly rally. In another development, an Ethereum whale transferred 42,192 ETH to an unknown wallet today.
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