Ethereum Price Drops, Crypto Holder Starts Buying ETH Coins
JAKARTA - Long-term investors aka crypto holders are starting to accumulate Ethereum (ETH) in sluggish crypto markets. Data from IntoTheBlock reveals that long-term holders now have a total of 110 million ETH.
At the same time, data from Santiment shows 104 large wallets or whale wallets, each of which has more than 100,000 ETHs, now controls 57% of Ethereum's total supply of US$33.1 billion (Rp5,329.6 trillion).
The increase in ETH holders can be seen from the increase in their balances so far this year even though the crypto market has started to fall out. The report also notes that 74% of ETH holders have been keeping these assets for more than a year.
Whale wallet, which controls 53% of Ethereum's supply, has been the main driver of this trend. Over the past seven days, transactions with a value of more than US$100,000 (Rp1.6 billion) recorded a total volume of US$65.4 billion (Rp1,046.4 trillion), while net flows out of the exchange reached 912.97 million US dollars (Rp14.6 trillion). This situation indicates that ETH began to be transferred to a whale wallet.
Data from Santiment also notes that 104 whale wallets now control nearly 58% of the total ETH supply, which is the highest record. The trust of these holders reflects confidence in Ethereum's future despite its price slips below US$4,000 (Rp64 million).
However, holdings by middle wallets that own between 100 and 100,000 ETH have actually decreased to an all-time low, which is about 33% of total supply. Even so, the number of staking wallets on the Ethereum network continues to grow, suggesting a brighter long-term outlook.
Meanwhile, investment expert from Bitwise, Juan Leon, predicts Ethereum will be the main driving force in the asset tokenization market by 2025. Leon calls Ethereum a market leader with 81% dominance in the tokenization sector. In addition, investment funds flowing to Ethereum ETF also set a new record, reaching US$428.5 million (Rp6.8 trillion) on December 5, 2024.
Leon estimates Ethereum's revenue from the real-world asset tokenization sector (RWA) could exceed $2.4 billion this year up to 40 times in 2025. Ethereum's advantage as a reliable and secure smart contract platform, supported by a strong network of validators, is believed to continue to support Ethereum's growth in the sector.