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Glassnode: Whales Pushed Ethereum Price To New Records

Large holders of Ethereum have created upward pressure on the rate of the second largest cryptocurrency by capitalization, follows from the data of the analytical service Glassnode.

On January 19, quotes of the second cryptocurrency in terms of capitalization exceeded the level of $ 1400, setting a new all-time high. On January 25, the Ethereum price broke the record, coming close to $ 1,500.

The number of addresses containing at least 10,000 ETH jumped to a 13-month high of 1103. The number grew by 35 addresses in January and by 75 since mid-November.

Dynamics of the number of addresses with balances over 10,000 ETH. Data: Glassnode.

Small coin holders also participated in the rally – the number of non-zero addresses containing at least 0.1 ETH rose to a new record.

Ethereum exchange balances by January 25 decreased to the lowest level since October 2019 (15,469,582 ETH). For January 21-24, the indicator decreased by more than 1 million ETH. On January 20, analysts recorded the largest outflow since May 2019 – 666 689 ETH.

Dynamics of Ethereum balances on centralized cryptocurrency exchanges. Data: Glassnode.

“Reduced supply provokes price increases. It’s obvious to me that traders are accumulating large volumes, ”analyst Alex Kruger commented on the situation.

Some of the coins can go to users’ wallets, while others go to staking and various DeFi protocols. According to DeFi Pulse, the number of blocked coins in the last 15 days increased from 6.62 million to 7 million. The record value remains at 9.77 million ETH.

Recall that Mike Novogratz’s Galaxy Digital cryptocurrency bank will launch three Ethereum-based funds in February.

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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