Number of Addresses Holding More Than 100 Ethereum Drops to a New Low in a Month

02/19/2023 01:40 • Tech Ticker • 147 views

According to reports, Glassnode data shows that the number of addresses holding more than 100 Ethereum is 47670, a new low in a month.

Data: The number of addresses with more than 100 Ethereum hit a new low in nearly one month

Interpret the above information:

The most recent reports from Glassnode suggests that the number of addresses holding more than 100 Ethereum has dropped to a new low in a month. According to the data, only 47,670 wallet addresses currently hold more than 100 Ethereum tokens. This decline in Ethereum ownership is significant since it reflects a drop in investor interest and confidence.

The Glassnode data is obtained by analyzing the Ethereum blockchain to monitor wallet activity and transactions. The blockchain is a public ledger of all the cryptocurrency transactions, making it possible to track the number of wallets holding various amounts of Ethereum. The data can also reveal other insights, such as the total number of tokens transferred, the number of active wallets, and much more.

The reports indicate that the recent drop in ownership is alarming since there was a steady increase in addresses holding more than 100 Ethereum tokens in the past months. This suggested that investors were confident in Ethereum and were holding onto large amounts of the cryptocurrency. However, the drop in ownership suggests that investors are either selling or transferring their Ethereum tokens to alternative assets.

Several factors could have contributed to the drop in the number of addresses holding more than 100 Ethereum tokens. One possibility is the recent market turmoil caused by the COVID-19 pandemic. The global markets saw a significant decline in March, and the cryptocurrency markets were not immune to the effects. Investors may have sold their Ethereum tokens and moved into fiat currencies, gold, or other safe-haven assets. Additionally, the recent rise in transaction fees on the Ethereum network could have discouraged investors from holding onto their Ethereum tokens.

In conclusion, the decline in ownership of Ethereum tokens is concerning and could reflect a lack of confidence in the cryptocurrency. However, it’s important to note that the drop is not unexpected given the recent market turmoil caused by the COVID-19 pandemic. It’s unclear how long this trend will continue, and it’s crucial to monitor the blockchain data to gain insights into the cryptocurrency market.

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