Most Ethereum holders are obviously having a lot to laugh about.
This is because over 52 million wallets are now in a state of profit. In other words, the current price is higher compared to the price point at the time the coins were last kept in those wallets.
Data retrieved from Glassnode, a crypto analytic company revealed Ethereum Number of Addresses in Profit (7d MA) just reached an all-time high of 52,471,986.
The number of unique addresses whose funds have an average buy price that is lower than the current price. “Buy price” is here defined as the price at the time coins were transferred into an address.
Only Externally Owned Addresses (EOAs) are being counted, contracts are excluded.
— glassnode alerts (@glassnodealerts) January 31, 2021
What this means: The prevailing bullish trend in the flagship utility crypto asset has to do with ETH 2.0 launch which is a major catalyst. Every phase of ETH 2.0 over the next 2-3 years brings ETH closer to its final state and will be catalysts for Ethereum.
- At the time of drafting this report, Ethereum traded at $1,350.27 with a daily trading volume of $27.2 billion. Ethereum is up 0.08% for the day.
- That said, the number of whale wallets holding 10,000 Ether, some days ago reached a 13-month high.
- Since the start of 2021, 35 new $ETH whale addresses have been created, controlling $447 million combined meaning institutional investors are significantly responsible for the bullish trend in play at the second most valuable crypto asset.