Wallets with 1 ETH hit an all-time high while Ethereum tops $ 500

November 20, 2020 Coin Payment

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Key points

  • The number of ETH wallets with 1 ETH or more is an all-time high.
  • ETH held on centralized exchanges is at an annual low as investors prepare to hold funds.
  • Deposits for the ETH 2 smart contract are at 20%, a strong key indicator.

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Ethereum is going through what could be the start of a big rally, with a record number of wallets holding one or more ETHs and traders moving funds from centralized exchanges to smart contracts.

Wallets holding Ethereum break records

Glassnode data shows that 1.170 million ETH wallets held more than one ETH yesterday. That number has since risen to 1.171 million.

Since June 2018, the rise in ETH portfolios> 1 is seen by many as a particularly bullish sign, with the price of ETH now enjoying recent highs.

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Ethereum has been a major driver of the ongoing DeFi boom, and the project is increasingly in the public eye as it approaches the launch of ETH 2.0. Over 120,000 ETH was staked in the ETH 2.0 deposit agreement, 22.9% of the total required for a successful launch.

Traders prepare for HODL

Recent data indicates that Ethereum users are expecting a significant price hike.

Anthony Sassano, co-founder of EthHub and marketing manager at Set Protocol, noted on November 16 that ETH was flowing from centralized exchanges and smart contracts.

The amount of ETH on these exchanges is now at an annual low. Traders typically withdraw from centralized exchanges to store their cryptocurrencies in a safer place or deposit them in staking programs and DeFi protocols.

The amount of ETH held in smart contracts went from 11% in June to over 16% last week, while centralized exchanges saw a drop from 19,000 ETH in August to 16,000 today.

This activity indicates that an increasing number of traders have no plans to sell their ETH in the foreseeable future, a bullish sign for price action.

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