Ethereum Small-Holder Addresses Continue to Grow, Now Mastering $7.9 Billion
$7.9 Billion Owned by Increasing Number of Small Owner Ethereum Addresses
As per recent data from IntoTheBlockthe number of addresses with 1-10 ETH recently passed the one million address milestone and has continued to rise ever since.
$ETH increase adoption.
The number of addresses with 1 to 10 ETH recently passed the 1 million address milestone and has continued to increase since then.
These addresses together contain 3.31 million ETH and they have increased their balance by 4.75% in the last 30 days. pic.twitter.com/yyihPb0eqr
— IntoTheBlock (@intotheblock) January 27, 2022
The blockchain analysis notes that these tiny addresses now collectively own 3.31 million ETH coins, or nearly $7.9 billion worth. Significantly, IntoTheBlock notes that this category of holders has also increased its balance by 4.75% since early 2022.
Whales also buy in
U.Today previously reported on Ethereum whales adding $500 million in coins to their holdings, marking the largest accumulation since November.
Following the lead of the whales, retailers jumped on the bandwagon and began purchasing a large amount of coins. The number of small wallets has already surpassed 1.4 million, according to the same data for addresses with more than 1 ETH.
What do analysts see?
John Bollinger, a well-known US financial analyst and trader, said on Twitter that he had bought a modest amount of Ethereum in a “trial position.” The creator of the “Bollinger Bands” indicator noted that a bullish pattern on Ethereum’s six-hour chart inspired him to buy.
I bought a little $ethusd, a trial position, last night, with a close stop – well close for crypto… I liked the pattern on the six o’clock and was looking for an entrance. Not trading with a lot of confidence and I’m probably early but teen is in and I’m focused now.
— John Bollinger (@bbands) January 27, 2022
Bollinger, in particular, urged his followers to pay attention to the Ethereum chart as the market was on the cusp of correcting. As a result, he has warned his followers that this is not a “high confidence trading” and the timing of his purchase may not be optimal.
Ethereum is down 51.16% from its all-time high of $4,878 and is trading at $2,395 at the time of writing.