While small-scale investors continue to flood into Ethereum, the supply of ETH that was last active 7 years ago remains unsold.
Ethereum Whales Wallets Remain Inactive
According to statistics from the Glassnode data aggregator, small-scale investors are actively acquiring Ethereum, the second largest crypto on the market, while 7.6 million ETH that were last active in 2015-2017 remain unsold.
The holders of Ethereum supply who last moved their crypto five and seven years ago, i.e. in 2017 and 2015, have achieved a three-month high, according to Glassnode.
This supply presently stands at 7,666,690.968 ETH ($21,557,791,247).
#Ethereum $ETH Amount of Supply Last Active 5y-7y just reached a 3-month high of 7,666,690.968 ETH
View metric:https://t.co/IEN283QP0E pic.twitter.com/8HecOSXB3G
— glassnode alerts (@glassnodealerts) February 28, 2022
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Small Addresses Continue To Accumulate
Despite the fact that the price of Ether (ETH) has risen over 20% from its February 22 low of $2,300, data from derivatives suggests that investors remain wary. Ether’s price has dropped by 24% this year, and critical overhead resistances lie ahead.
High network transaction costs have been Ethereum’s most pressing issue, and investors are growing concerned that this will continue to be an issue even after the network’s long-awaited enhancements are implemented.
ETH/USD trades at $2.9k. Source: TradingView
Smaller investors have been accumulating Ether in increments of 0.01 ETH, 0.1 ETH, 10 ETH, and 32 ETH, according to Glassnode.
The number of wallets holding these amounts of Ethereum has reached new highs – 0.01+ coins – 21,929,193 ATH, 0.1+ ETH – 6,960,421 ATH, 10 ETH+ – 280,792 coins – one-year high. 32 ETH+ – 107,876 ETH+ – one-month high.
#Ethereum $ETH Number of Addresses Holding 32+ Coins just reached a 1-month high of 107,876
Previous 1-month high of 107,860 was observed on 23 February 2022
View metric:https://t.co/rkRWanL3OS pic.twitter.com/4KA8lTQ5Vc
— glassnode alerts (@glassnodealerts) February 28, 2022
Related Reading | TA: Why Bitcoin Must Close Above $40K For Trend Reversal
Featured image from Pixabay, chart from TradingView.com
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