A notable on-chain analytical company, Glassnode, has experts who have found an intriguing trend in the distribution of Ethereum’s (ETH) supply. One significant statistic reached unprecedented highs six months following the FTX disaster. It’s possible that traders are weaker than they appear to be.
Long-term holders dominate Ethereum (ETH) supply
74% of the entire quantity of Ethereum (ETH) is now held in on-chain wallets owned by long-term holders. According to the most recent Glassnode data, “diamond hands” accumulated a staggering 14,350,000 Ethers (ETH).
In the eight years that the second cryptocurrency has been in existence, this astounding level has never been surpassed. There is another significant reason that causes this rise in addition to rising optimism about the optimistic possibilities for the ETH price.
LTH metrics in Glassnode apply to all coins that have not been transferred for at least 155 days. As a result, by mid-May, Ethereum (ETH) wallets that were active solely during the FTX exchange’s demise will have developed enough to be included in our study.
The Glassnode account’s followers emphasised that the long/short-term holding ratio appears to be the same for Bitcoin (BTC), the largest cryptocurrency and the only token that surpasses Ethereum (ETH) in terms of market value.
One additional measure of the Ethereum (ETH) supply is getting close to multi-month highs, as U.Today reported yesterday. The amount of fresh deposits reached an eight-month high, analysts at Santiment said.
Ethereum (ETH) rejected at $2,000, meets aggressive bears
Bulls are still struggling to take the upper hand, despite the Ethereum (ETH) community’s widespread optimism on Ethereum’s (ETH) prospects after Shanghai.
They succeeded in momentarily raising the price of Ethereum (ETH) beyond the psychological threshold of $2,000 per token this morning during the early morning hours. They ran against powerful sellers, though, who stopped ETH from increasing in value.
As of the time of publication, it is having trouble holding the $1,900 mark on significant spot exchanges. The price of Ethereum (ETH) decreased by roughly 3% over the previous day.
