Ethereum Whales Accumulate As $2.4 Billion ETH Inflows Into Permanent Holder Addresses

IconCryptoNewsTerminal Staff23 Jul, 2024

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Ethereum Whales Accumulate As $2.4 Billion ETH Inflows Into Permanent Holder Addresses

Ki-Young Ju, the CEO of CryptoQuant has made it known that a staggering amount of 714,000 ETH, equivalent to approximately $2.4 billion, found its way into permanent holder addresses on the 12th of October. It is important to note that this figure encompasses custody wallets alongside other non-exchange and non-miner addresses. This development underscores the growing confidence of investors in the long-term prospects of Ethereum. As the second-largest cryptocurrency by market capitalization, Ethereum has been gaining traction in the decentralized finance (DeFi) space, and its native token, Ether (ETH), has been a popular choice for institutional investment. Ethereum's underlying technology, the blockchain, is also being increasingly adopted by enterprises and governments for a variety of applications, including supply chain management, digital identity, and voting systems. This growing adoption is likely to further drive the demand for ETH, and the recent inflow of funds into permanent holder addresses suggests that investors are betting on the long-term growth of the Ethereum ecosystem. ```

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