Ethereum Accumulation Spikes Ahead of 2.0 Launch
Santiment blockchain data indicates that there is a spirit of accumulation amongst Ethereum holders and investors. The blockchain analytics company recently reported that the count of ETH held on exchanges has dropped in the past two months, suggesting investors are long-term confident about ETH:
Chart of ETH's price action over the past few months with an overlay of the number of top 10 exchange holdings vs. non-exchange holdings. Chart from Santiment, a blockchain analytics firm.
Much of this accumulation seems to be related to institutional players.
According to Barry Silbert, CEO of Digital Currency Group, Grayscale Investment’s Ethereum Trust has accumulated 2% of all ETH in circulation:
Head of DTC Capital Spencer Noon previously commented that institutions that want access to DeFi are first routing capital through Ethereum:
Long-Term Fundamentals of ETH Strong
The fundamentals of ETH are stronger than ever as this accumulation picks up.
Heath Tarbert, the chairman of the U.S. Commodities and Futures Trading Commission (CFTC), recently said that he has been “impressed with Ethereum, period, full stop.”
He said that the cryptocurrency is much more like the Internet if Bitcoin was to be likened to email.
Photo by 戸山 神奈 on Unsplash Price tags: ethusd, ethbtc, eth Charts from TradingView.com On-Chain Data Shows Mass Accumulation Among Ethereum Investors
Originally from Bitcoinist.com https://ift.tt/3o4yUrH
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