Ethereum Address with 0.1 – 1 ETH at all time highs
New research by IntoTheBlock has found that small addresses with 5.45 million addresses holding between 0.1 – 1 ETH.
#Ethereum adoption is not only about big players.
The number of addresses holding between 0.1-1 ETH is currently at an ATH.
In the span of 1 year, the number of these addresses increased by 98% and now they collectively hold 1.78m ETH (increasing by 4.54% in 1 month) pic.twitter.com/LQS8ecPEzS
— IntoTheBlock (@intotheblock) February 10, 2022
Another major million milestone
On January 28, IntoTheBlock addressed the other major milestone of the number of addresses with 1-10 ETH surpassing one million. The analysis observes that these addresses own a collective 3.31 million Ethereum, which as of the time of writing equates to just over $14 billion AUD. Since the start of 2022, these holders have increased their holdings by a further 4.75%.
This shows that the general user’s appetite for Ethereum has not wavered despite a lacking start to the year. For comparison, during this same period in 2021, Ethereum rose from $900 to highs of $2600 AUD.
IntoTheBlock’s update for analysts
This news came shortly after IntoTheBlock announced their platform’s Ownership V2 indicators, which in a nutshell gives their users the newfound ability to track ownership patterns, divided into three categories.
Ownership by concentration
3/ Ownership by Concentration allows you:
+ Provide insights into the activity of whales
+ Visualizes the holdings of whales, medium-size investors or retail investors over time.https://t.co/mcnjE3vqVL pic.twitter.com/lsfP6EdjCa— IntoTheBlock (@intotheblock) January 27, 2022
Ownership by time held
4/ Ownership by Time Held looks at the weighted average time an address has been holding and added the option to visualize them based on their total holdings.https://t.co/rQNDofGvcH pic.twitter.com/6K0J673OCB
— IntoTheBlock (@intotheblock) January 27, 2022
Holding Distribution
5/ Holding Distribution provides a more detailed breakdown of the different levels of concentrations of holdings for a specific #crypto-asset.
This is done through groups that increase by a factor of ten (e.g. 1–10 $BTC, 10–100 BTC, etc.).https://t.co/kGlQpvSj57 pic.twitter.com/DRLwbzYwsE
— IntoTheBlock (@intotheblock) January 27, 2022
Further details regarding this update can be found on IntoTheBlock’s medium blog. However, the gist of the update is to provide more comprehensive tools to monitor changes in holders over time, assess investment behaviour and gain a more thorough understanding of market-shaping activity.
Whales getting into the action
Speaking of holders, it appears that whales were also getting in on the action. On January 26th, Santiment reported the most significant Ethereum accumulation since November. The market data showed that Ethereum whales added 200,000 ETH to their holdings, or approximately $707 million AUD.
🐳 #Ethereum is hovering just below $2,500 once again after bottoming out at ~$2,170 just 3 days ago. #Dipbuyers can be happy knowing that whale addresses holding 10k or more $ETH have added 200k $ETH from weak hands since January 20, worth ~$497.2M. 🤑 https://t.co/OhsWeqMFLi pic.twitter.com/FdIY5Hp00K
— Santiment (@santimentfeed) January 26, 2022
What’s behind the optimistic purchasing?
The surpassing of the one-million milestone along with the surge of action from whales may be due to Ethereum 2.0 drawing closer. Considered the poster child of functionality in the crypto space, Ethereum has been abuzz with articles regarding the next-gen update, particularly this past week. If this trend continues, it’ll fit perfectly with predictions from industry experts regarding Ethereum’s 2022 outlook.
Ian Balina, investor and founder of Token Metrics, believes that Ethereum can reach $11,000 AUD this year, though appending that other blockchains are rapidly catching up due to Ethereum’s high gas fees and low transaction speed.
Coinpedia predicts that Ethereum could end the year between $9,000 and $10,000 AUD should it see another bullish upswing (similar to the one in mid-2021). Similarly to Balina, Coinpedia notes that it won’t be anywhere near as straightforward this time around, given the competition from similar platforms that are filling in Ethereum’s gaps.
“Ethereum was the only show in town,” said Henri Arslanian, FinTech & RegTech Leader of PwC, “…for Ether’s price to continue rising, investors will need to see improved demand and functionality.
Suffice to say, most experts agree that Ethereum’s functionality will be a heavy driver for its price trajectory this year, and the recent activity only serves to solidify that. Will Ethereum 2.0 deliver in the coming months, or will it fall flat?