Ethereum sees 65% increase in accumulated wallets since the start of the year... Traders fear a price correction
Ethereum (ETH) accumulation addresses have increased by 65% since the start of 2024, Cointelegraph reported, citing crypto analyst Burakkesmeci. As of Oct. 18, there were more than 19 million addresses that had accumulated Ethereum tokens, according to Burakesmech's data analysis. The amount of Ethereum tokens deposited in Ethereum storage addresses is estimated to be around 11.5 million ETH. The growing number of wallets holding Ethereum is an indication that investors are confident in the long-term uptrend of Ethereum.
Burakesmeci sees the number of addresses accumulating Ethereum tokens increasing this year, predicting that by the end of the year, there will be more than 20 million addresses holding ETH. “This is not just an outlook from the perspective of an Ethereum bull,” he says. In fact, institutional and retail investors alike see Ethereum as a key asset in the financial future.”
However, there has been some recent concern among investors about the open interest (OI) in Ethereum futures. After Ethereum creator Vitalik Buterin recently acknowledged Ethereum's transaction time issues and claimed that solutions like single-slot finality could improve the problem, the Ethereum futures address market surpassed 5 million ETH for the first time. That's a 12% increase in one month. Traders took this as a warning sign, raising concerns of bearishness for Ethereum. A surge in demand for leveraged Ethereum positions is usually a precursor to a serious price correction.
