Ethereum: Holder accumulation slows, holders in profit soars – What’s next?
Main Idea
Ethereum's market performance shows mixed signals with slowing holder accumulation and high supply in profit, while historical trends and ETF inflows suggest potential for continued growth.
Key Points
1. Ethereum (ETH) rose by 4.09% over the weekend, defending the $3,700 support level and climbing above the $3,860 local high from July 21st.
2. The trading volume has been low, indicating the breakout might lack strong momentum, supported by a CMF reading of 0.0 and mixed signals from the MACD.
3. The percentage of ETH supply in profit is at 98.1%, a level that historically precedes local highs, suggesting a potential pullback.
4. During the 2020-2021 bull run, ETH's supply in profit stayed above 95% for six months; if repeated, ETH might see extended growth.
5. ETH spot ETFs have seen 16 consecutive days of positive netflows, totaling $452 million in inflows as of July 25th, indicating strong institutional interest.
Description
The 2020-2021 bull run saw the percent supply in profit stay above 95% for the better part of six months.
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