Large Ethereum holders have created upward pressure on the price of the second-largest cryptocurrency, according to data from Glassnode.
On January 19, the price of the second-largest cryptocurrency surpassed the $1400 level, establishing a new all-time high. On January 25, Ethereum’s price reached another record, coming close to $1500.
The number of addresses holding at least 10,000 ETH jumped to a 13-month high at 1,103. In January the metric rose by 35 addresses, and since mid-November by 75.
Retail holders also participated in the rally—the number of non-zero addresses containing at least 0.1 ETH rose to a new record.
Ethereum’s exchange balances as of January 25 fell to the lowest since October 2019 (15,469,582 ETH). From January 21–24 the indicator fell by more than 1 million ETH. On January 20, analysts recorded the largest outflow since May 2019 — 666,689 ETH.
«Reduction of supply provokes price growth. It is evident to me that traders are accumulating large volumes», — commented analyst Alex Krüger.
Part of the coins may move to users’ wallets, while others are likely to go into staking and various DeFi protocols. According to DeFi Pulse, the number of coins locked in the last 15 days rose from 6.62 million to 7 million. The record stands at 9.77 million ETH.
In February, Galaxy Digital, Mike Novogratz’s crypto bank, will launch three Ethereum-based funds.
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