Around $50.2 billion worth of Ether is currently locked in accumulation wallets — nearly double the amount held at the start of 2024, according to a crypto analyst.
“By October 18, 2024, the total amount of Ethereum in accumulation addresses surpassed 19 million,” CryptoQuant contributor Burakkesmeci wrote in an Oct. 20 analyst note.
11.5M ETH increase in accumulation addresses
At the time of publication, with Ether (ETH) trading at $2,645, this amounts to approximately $50.2 billion.
Burakkesmeci highlighted that the amount of Ethereum locked in accumulation addresses — addresses of long-term investors with no prior withdrawals — has increased by 65% since January when there were about 11.5 million ETH in these addresses.
ETH balances on accumulation addresses as of Oct. 18. Source: CryptoQuant
Burakkesmeci opined that the total “will exceed 20 million” by the end of 2024. He based much of his reasoning on the anticipation behind the launch of spot Ether ETFs in July.
“It’s no longer just for tech enthusiasts—institutions and individuals see it as a key part of the financial future,” Burakkesmeci stated.
Since launching on July 23, spot Ether ETFs have recorded total net outflows of $467.3 million, according to Farside data.
Spot Ether ETFs have seen a net outflow of $467.3 million since launch in July. Source: Farside data
On Oct. 15, Cointelegraph reported that Ethereum investors are disappointed as its supply continues to increase despite high network usage.
Traders recent concerns over Ether future open interest
In a recent blog post, Ethereum founder Vitalik Buterin acknowledged this issue and suggested that improving transaction times through solutions like single-slot finality could help.
On the same day, the aggregate Ether futures addressable market surpassed 5 million ETH for the first time, representing a 12% increase from four weeks prior.
It caused concern among traders, as they believe it could be a warning flag. The surge in demand for leveraged ETH positions typically precedes severe price corrections.
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