The cryptocurrency market has been experiencing a downtrend since December last year. Within that period, Ethereum, the second-largest crypto asset by market cap, has lost nearly 50% of its value. However, while the price of the token is not doing well at the moment, it has not discouraged major holders from keeping tight to their assets. A recent data by data analysis platform Glassnode showed that the level accumulation for Ethereum is still very high.
The data indicate that 280,792 ETH addresses are holding not less than 10 ETH each. “Number of Addresses Holding 10+ Coins just reached a 1-year high of 280,792,” Glassnode stated on Twitter. Based on the price of ETH at the time of writing, each address holds more than $26,000 worth of cryptocurrency in their wallet.
More Addresses Are Still Accumulating ETH
Despite the recent slump of Ethereum in the market, more traders and investors are still accumulating more ETH in anticipation of a surge in the market.
Earlier today, a popular ETH whales address transferred $36 million worth of Ethereum (14,000 ETH) to an unknown address. The coins were transferred from the crypto trading platform Bitfinex.
Apart from Ethereum whales, fractional traders have also increased the total number of their holdings in the past few days. The data also showed that 22 million addresses now have about 0.01 Ethereum, which is a record level.
Global Economy Impacts Crypto Prices
The war between Russia and Ukraine has affected not only oil and stock prices. Just like other crypto assets like XRP and Bitcoin, Ethereum is also facing the effect of the ongoing conflict. Market analyst at eToro, Simon Peters, while commending on the uncertainties surrounding the market, stated that crypto assets have continued their downward movement following the Russia-Ukraine conflict.
But in the two conflicted countries, the demand for crypto assets has increased greatly as both governments crackdown on digital money transfers. Local data shows that buyers are now considering the USD pegged Tether (USDT) as an alternative.