Ethereum Accumulation Addresses Spike as Bulls Target $4,000

New data shows a surge in the number of new Ethereum accumulation addresses as bulls ignite for an upward charge.

Ethereum has witnessed a substantial increase in accumulation addresses and other bullish metrics as investors instigate a market upswing. 

A significant determinant in the surveillance of market sentiment is the number of accumulation addresses, which are accounts with documented asset withdrawals or transfers. 

Frequently, the metric comprised cold and hot wallets.

Accumulation Wallets Points Bullish

CryptoQuant, an on-chain analysis firm, has released new market data indicating a systemic increase in Ethereum holders. 

The data indicates that the quantity of addresses has surpassed 3,700 wallets. 

Significant increases in sentiment are evident when examining this data through the lenses of wallets holding 10k–100k ETH and 10k–10k ETH, respectively. 

Wallets containing 10k-100k ETH hold 373,700 coins on May 26th, whereas addresses holding 10k-10K ETH possess 246,700 assets. 

On-chain data indicates that industry and macro factors have caused a significant increase in these figures. 

For context, the former wallets held 22.5K ETH on May 1st, whereas the latter group possessed 29.9K ETH. 

However, this demonstrates an enormous leap to present figures. 

In a similar vein, Ethereum billionaires have documented bullish market activity this year, as the value of transactions exceeding $100,000 reaches an all-time high. 

Insights from IntoTheBlock indicate that larger holders are amassing more, while traditional finance investors exhibit increased activity. 

The trading volume of Ethereum is in the sky as enthusiasts anticipate a significant price increase, establishing a precedent for other cryptocurrencies.

Spot Ethereum ETFs Boost Accumulation 

The approval of spot Bitcoin ETFs on January 11th increased investor accumulation, propelling the price to an all-time high above $73,000. 

In response to this pervasive success, investors began to consider spot Ethereum ETFs. 

Significant accumulation occurred in the week preceding approvals, as the price surpassed $3,700. 

As of this writing, Ethereum is trading at $3,942, reflecting a 2% surge over the previous twenty-four hours and a 25% weekly uptrend. 

Additionally, today witnessed the transfer of 42,192 ETH from an unknown wallet by an Ethereum whale.