ETH addresses holding 0.01+ coins reach ATH as whales are anxious

Glassnode data shows that the number of ethereum addresses holding 0.01 or more coins has reached an all-time high (ATH) of 23,655,095, indicating increased adoption and interest in the decentralized platform. Despite the positive growth in retail investors, the ethereum ecosystem is witnessing signs of anxiety among larger holders.

Data shows that the number of addresses holding 100 or more coins, often called “whales,” has reached a four-month low of 47,379. This decline may suggest that large investors are increasingly anxious about the cryptocurrency’s short-term prospects.

Simultaneously, the number of non-zero ethereum addresses has also reached an ATH, with 97,684,289 unique addresses holding at least a fraction of the digital asset. This metric points to the growing popularity and widespread adoption of ethereum as more individuals and institutions participate in the ecosystem.

Regarding market performance, ethereum is trading at $1,922, down 2% over the last 24 hours and 9% over the past week. The cryptocurrency’s exchange net flow stands at -$628.5, indicating that more investors are moving their ethereum holdings off exchanges, potentially for long-term storage or use in decentralized finance (DeFi) platforms.

Despite the recent dip in price, the surge in the number of addresses holding smaller amounts of ethereum signals a bullish sentiment among retail investors. However, the contrasting decrease in “whale” addresses may raise concerns about the market’s short-term direction. As the ethereum ecosystem expands, investors should monitor these trends closely to make informed decisions about their holdings.