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Ethereum Small-Holder Addresses Continue to Grow and Now Control $7.9 Billion Worth

Fri, 01/28/2022 - 12:33
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Tomiwabold Olajide
$7.9 billion worth held by increasing number of Ethereum small-holder addresses
Ethereum Small-Holder Addresses Continue to Grow and Now Control $7.9 Billion Worth
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Per recent data from IntoTheBlock, the number of addresses with 1-10 ETH recently surpassed the milestone of one million addresses and has continued to climb since.

The blockchain analytics notes that these small-holder addresses now collectively own 3.31 million ETH coins, or nearly $7.9 billion worth. IntoTheBlock significantly notes that this category of holders has also increased its balance by 4.75% since the start of 2022.

Whales are also buying in

U.Today earlier reported on Ethereum whales adding $500 million worth of coins to their holdings, marking the largest accumulation since November.

Following the whales' lead, retail traders jumped on the bandwagon and began buying a great quantity 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 American financial analyst and trader, said on Twitter that he had purchased a modest quantity 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 about to correct. As a result, he has warned his followers that this is not a "high confidence trade," and that the timing of his buy may not be optimal.

Ethereum is down 51.16% from its record highs of $4,878 and trades at $2,395 at press time.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.