Ethereum Small-Holder Addresses Continue to Grow, Now Mastering $7.9 Billion

Tomiwabold Olajide

$7.9 Billion Owned by Increasing Number of Small Owner Ethereum Addresses


Whales also buy inWhat do analysts see?

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.

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.

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.

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