#Ethereum #CryptoHodlers #EthereumSupply #ETH #Cryptocurrency #CryptoMarket #Bitcoin #LongTermHodlers
According to on-chain data, over 70% of the current Ethereum supply has remained stationary for more than a year; this is a new record for the network. Statistics provided by market intelligence platform, IntoTheBlock confirm that long-term Ethereum holders (defined as those who have held their coins for at least a year) now control a record proportion of the cryptocurrency’s total supply. Long-term holders are less likely to sell their coins, regardless of flutuations in the wider market. In fact, instances where these ‘diamond hands’ sell their cryptocurrency are important to take note of, as it indicates significant market pressure.
The trend of long-term holding is evident in both Bitcoin and Ethereum. However, an increase in the percentage of these hodlers doesn’t necessarily mean that these investors are accumulating more of the given cryptocurrency. Instead, it may indicate a stagnation of movement where coins purchased a year ago have remained dormant and have now matured enough to be classified as long-term holdings. Despite significant potential profits with this year’s fluctuating market, the ratio of hodlers for both Ethereum and Bitcoin has consistently risen. In particular, Ethereum’s growth in long-term holdings is significantly sharper compared to Bitcoin’s, making it a new all-time high for the cryptocurrency. At the time of writing, Ethereum’s price is approximately $2,290, marking a 6% increase over the past week.
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