Crypto analytics firm says long-term holders continue to buy Ethereum.
According to Lucas Outumuro, head of research at IntoTheBlock, more than 50% of all ETH in circulation now belongs to addresses that have held ETH for more than a year.
wallets holding ETH for more than 1 year managed to get more than half of all ETH in circulation.
Hodlers’ ETH balances moved in opposition to price action.
Ethereum hodlers’ ETH amount has been on the rise since January 2022, although it has been declining since September 2021.
Outumuro said:
“Although the short-term picture looks bad, long-term investors continue to double their holdings. Similarly, a16z announced a $4.5 billion crypto fund, the largest crypto fund in crypto history. These investments typically target time periods in decades, not weeks. Ultimately, it will take time for the crypto vision to come true. Regardless of the short-term uncertainty, long-term investors continue to hold their faith”
The analyst said last week that Ethereum saw a large amount of foreign currency inflows, which is a bearish indicator.
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