Crypto Holders Bet On Ethereum, Crypto Analytics Firm Says

An important analytics firm said that long-term holders buy Ethereum despite the price struggles that the coin has been showing. Check out the latest reports about this below.

It’s been just revealed that according to IntoTheBlock’s head of research, Lucas Outumuro, more than 50% of all the Ethereum in circulation now belongs to addresses that have been holding ETH for more than one year.

“Addresses that have been holding ETH for over 1 year (‘hodlers’) have managed to acquire over half of all Ether in circulation. Hodlers’ balances have moved inverse to price action.”

He continued and explain the following:

“Hodlers had been decreasing their balances since September 2021, but began accumulating in January 2022. Since then, hodlers’ balance has grown following each large crash, reaching over 50% of all circulating supply for the first time since 2020.”

Outumuro said:

“Despite of the near-term picture looking grim, long-term players continue to double down. On a similar note, a16z announced their $4.5 billion crypto fund, the largest ever in crypto’s history.”

He continued and said:

“These investments typically target time horizons in decades, not weeks. Ultimately, it will take time for crypto’s vision to come into fruition and regardless of the short-term uncertainty, long-term market participants maintain their conviction.”

At the moment of writing this article, ETH is trad8ng in the red and the coin is priced at $1,781.

It’s been just revealed that the important investor Bill Miller says the upcoming Ethereum (ETH) switch to a proof-of-stake network will saddle Bitcoin (BTC) with one huge advantage over the top altcoin.

During a new interview on The Investor’s Podcast Network, he made sure to highlight the fact that ETH’s switch from a proof-of-work to a proof-of-stake consensus mechanism could increase financial inequality. This is really important as this is a problem that wouldn’t be found on the top crypto asset by market cap.