Ethereum Accumulation Wallets Hold $50.2 Billion Worth Of Ether

According to Cointelegraph, around $50.2 billion worth of Ether is currently locked in accumulation wallets, nearly double the amount held at the start of 2024. CryptoQuant contributor Burakkesmeci noted in an Oct. 20 analyst report that by October 18, 2024, the total amount of Ethereum in accumulation addresses had surpassed 19 million ETH. At the time of publication, with Ether trading at $2,645, this amounts to approximately $50.2 billion. Burakkesmeci highlighted that the amount of Ethereum locked in accumulation addresses—addresses of long-term investors with no prior withdrawals—has increased by 65% since January when there were about 11.5 million ETH in these addresses. He opined that the total will exceed 20 million by the end of 2024, basing much of his reasoning on the anticipation behind the launch of spot Ether ETFs in July. Since launching on July 23, spot Ether ETFs have recorded total net outflows of $467.3 million, according to Farside data. On October 15, Cointelegraph reported that Ethereum investors are disappointed as its supply continues to increase despite high network usage. In a recent blog post, Ethereum founder Vitalik Buterin acknowledged this issue and suggested that improving transaction times through solutions like single-slot finality could help. On the same day, the aggregate Ether futures addressable market surpassed 5 million ETH for the first time, representing a 12% increase from four weeks prior. This surge in demand for leveraged ETH positions has caused concern among traders, as they believe it could be a warning flag, typically preceding severe price corrections.