Ethereum Accumulation Addresses Near 20 Million ETH in 2024 Growth Surge

• Ethereum accumulation addresses have nearly doubled in 2024, surpassing 19 million ETH, driven by institutional interest.
• Institutional investors increasingly allocate significant portions of their portfolios to Ethereum and ETH staking opportunities.

In the past few days, the total amount of Ethereum in accumulating addresses has risen, topping 19 million ETH, an important milestone for the Ethereum blockchain. Noted by well-known on-chain analyst and market researcher at CryptoQuant Burak Kesmeci, this number emphasizes Ethereum’s fast increasing appeal.

Source: Crypto Quant

These accumulating addresses held just 11.5 million ETH in January 2024. Now fast forward, and the count has almost doubled. As Ethereum develops popularity, Kesmeci further projects that by the end of the year these addresses will probably store over 20 million ETH, with their entire worth maybe topping $80 billion.

Ethereum Spot ETFs Fuel Institutional Confidence Amid Market Volatility 

One may mostly blame this trend on a major occurrence earlier this year. Early 2024 saw official clearance for Ethereum Spot ETFs, a historic event inspiring fresh crypto community optimism.

Particularly for organizations earlier reluctant to interact with cryptocurrency, the adoption of rules was very vital in establishing Ethereum as a trustworthy investment.

Ethereum is becoming a major component in the portfolios of both institutional and individual investors, therefore indicating its relevance in the future of finance; it is no longer only considered as a benefit for IT aficioners.

Data from CoinGlass indicates a variable market to support this change. With -1.79% open interest in ETH right now, $12.88 billion is involved.

Source: CoinGlass

Along with this is a 1.8058 Binance ETH/USDT long/short ratio, which shows a greater long position tendency. But volume has dropped significantly, and it now sits at $7.45 billion after declining by 55.14%.

Meanwhile, ETH is trading about $2,649.96 at the time of writing, a 7.46% increase over the last seven days. The coin market cap has surged above $300 billion thanks in part to this price explosion, therefore underscoring its increasing supremacy in the crypto domain.

Apart from pricing performance, institutional staking of Ethereum has clearly increased. According to a prior CNF report, almost 70% of institutional investors show interest in ETH staking. Given 22% of respondents said over 60% of their portfolios were dedicated to Ethereum or its staking equivalent, this change is very noteworthy.