Leading crypto analysis companies say long-term holders are buying Ethereum (ETH) despite the price struggle for the second-ranked crypto assets.
According to Lucas Outumuro, Head of Research at IntoTheBlock, more than 50% of all Ethereum currently in circulation belong to addresses that hold ETH for more than a year.
“Addresses that have held ETH for over a year (” hodlers “) were able to obtain more than half of all Ethereum in circulation.
Hodlers balances are moving in the opposite direction of price behavior.
Hodler had been reducing his balance since September 2021, but began accumulating in January 2022.
Since then, Hodler’s balance has increased with every major collision, reaching more than 50% of all circulation supplies for the first time since 2020. “
“It looks like a tough situation in the short term, but long-term players continue to double. In a similar note, a16z announced a $ 4.5 billion crypto fund, which is in the history of cryptocurrencies. These investments are usually targeted for decades rather than weeks. Ultimately, the crypto vision will take time and short-term uncertainties to come true. Regardless of, long-term market participants maintain confidence. “
Analysts say Ethereum saw a large influx of exchanges last week, a potentially bearish indicator.
Ethereum is trading at $ 1,731 at the time of writing and has fallen by more than 11% in the last 7 days.
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Featured images: Shutterstock / Wutana Thongkuanluek / pikepicture