As a researcher with a background in cryptocurrency and blockchain technology, I find the trend of long-term Ethereum ($ETH) investors holding 78% of the circulating supply to be an intriguing development. This data, provided by on-chain analysis firm IntoTheBlock, suggests that buyers who have held onto their ETH for more than a year now control the majority of the cryptocurrency’s circulating supply.
As a long-term Ethereum investor myself, I can tell you that a significant portion of the cryptocurrency’s circulating supply, approximately 78%, is currently held by individuals who have been in possession of their Ether for over a year. This means that a large majority of the control over circulating Ethereum lies with us, the long-term investors.
Based on data fromIntoTheBlock, an on-chain analysis firm, I’ve discovered that long-term holders (LTHs) have been purchasing more coins during this recent price drop in the cryptocurrency market.
As a long-term Ethereum investor myself, I can attest to the fact that those who have held onto their coins for an extended period are less inclined to sell compared to new investors. This trend toward Long-Term Holders (LTHs) dominance is considered a positive sign for Ethereum. It indicates growing confidence among us investors, and with a substantial portion of the cryptocurrency now out of circulation due to LTH concentration, there’s less potential downward pressure on the price.
78% of ETH is owned by long-term hodlers — IntoTheBlock (@intotheblock) June 28, 2024
As a researcher studying the Ethereum market using IntoTheBlock’s data, I’ve observed an upward trend in the Long-Term Holder (LTH) supply throughout the year. This increase has been particularly noticeable during recent market downturns. However, it’s crucial to remember that this growth doesn’t automatically imply new purchases. Instead, it may be due to Ethereum acquired over a year ago now meeting the criteria to be categorized as LTHs.
As a researcher studying the cryptocurrency market trends, I’ve observed some noteworthy developments during the past week. Ethereum-focused investment products experienced substantial outflows exceeding $60 million. Simultaneously, long-term Bitcoin holders started selling off their funds. In stark contrast, long-term Ethereum investors continued to accumulate more coins.
According to recent findings from IntoTheBlock, the actions of long-term investors play a pivotal role in deciphering market trends. Historically, data indicates that these investors initiate profit-taking during the initial phases of a bull market, with this trend persisting even after the market peak is reached.
According to the firm, Bitcoin sets the pace for cryptocurrency market trends as other digital assets typically mirror its movements. Thus, Bitcoin’s impact on the cryptocurrency sector makes it the most convenient asset for tracking these cycles.
Long-term Ethereum (ETH) investors have been amassing more tokens recently, marking a significant departure from their past actions. In contrast to their previous behavior during the last market cycle, they did not follow Bitcoin holders’ lead closely.
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2024-07-03 01:23