Top 150 ETH holders have accumulated a record 56,25 million coins on OTC wallets

At the same time, the volume of coins in exchange wallets fell to the minimum of 2018

05.01.2024 - 13:38

514

2 min

What’s new? Experts of the analytical company Santiment noted that against the background of the general recovery of the crypto market, Ethereum continues to break through to the local resistance level at $2444. In this, the 150 largest over-the-counter (OTC) holders of ETH continue to accumulate the asset: the indicator has again updated the historical maximum at 56,25 million coins. At the same time, the exchange balances of the top 150 investors remain at a low level: 9,46 million ETH, which is the lowest since June 2018.

Source: Twitter.com

What else is known? Earlier, Bloomberg analyst James Seyffart admitted the possibility of launching spot exchange-traded funds (ETFs) based on Ethereum in the United States this year. According to him, the US Securities and Exchange Commission (SEC) unofficially recognizes Ethereum as a commodity and is ready to allow such products into the market just as it approved futures ETH ETFs last October. In addition, the deadline for rulings on the applications of VanEck, ARK Invest, 21Shares, and Hashdex comes in May 2024.

SEC postpones ruling on Grayscale’s ETH ETF application until next year

The company, as with BTC ETF, is trying to transform its Ethereum trust

ETH is up 79% year-to-date and is trading at $2246 on Binance as of January 5, 13:10 UTC.

Late last year, analysts at P2P org reported that the asset’s annual issuance declined by 82% since the blockchain switched to the Proof of Stake (PoS) consensus algorithm. In addition, the supply of ETH declined by 0,215%, making it a deflationary asset that yields real returns, the company noted.

Author: