On-chain data shows more than 70% of the Ethereum supply hasn’t displayed any movement in over a year, a new record for the network.
Ethereum HODLers Now Control Over 70% Of The Asset’s Supply
According to data from the market intelligence platform IntoTheBlock, the total amount of supply owned by the ETH long-term holders has reached a new all-time high.
The analytics firm defines “long-term holders” (LTHs) as the addresses who have been carrying their coins since at least one year ago. Statistically, the longer a holder keeps their coins still, the less likely they become to sell them at any point.
As such, the LTHs are the hands who are the least probable to move their coins. This cohort lives up to this fact in practice as well, as its participants rarely sell no matter what’s going on in the wider market, even if it’s a profitable rally or a deep crash.
Because of this reason, the times the LTHs do sell can be ones to watch, as it suggests that the market has pushed even these diamond hands towards breaking their resolve.
One way to track the movements of the HODLers is through the combined amount of supply that they have kept locked inside their wallets since at least a year ago.
The below chart shows the trend in the LTH supply as a percentage of the total circulating supply for both Ethereum and Bitcoin over the course of the history of the respective assets.
The indicator appears to have seen a rise for both of these assets recently | Source: IntoTheBlock on X
As displayed in the above graph, the supply held by the HODLers has been going up for both Bitcoin and Ethereum recently. Something to keep in mind is that this increase doesn’t indicate that these investors are accumulating in the present.
Rather, what this means is that some buying from the investors took place a year ago and those coins have now stayed dormant for long enough to mature into this cohort.
A year ago, the cryptocurrency sector was still inside a bear market, so the increase in the HODLer supply of the last few months would have come from those who bought at the cheap bear market prices.
It would appear that despite these holders carrying some very substantial profits by now thanks to this year’s rally, they are still not interested in selling, as the HODLer ratio has only gone up for both Ethereum and Bitcoin.
From the chart, it’s visible that the growth in the indicator has been particularly sharp in the case of ETH as it has now outpaced BTC. With more than 70% of the entire circulating supply locked inside the hands of these LTHs, the metric is currently sitting at a new all-time high for the number two cryptocurrency.
ETH Price
At the time of writing, Ethereum’s price is floating around $2,290, up 6% in the past week.
ETH appears to have been moving sideways recently | Source: ETHUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, IntoTheBlock.com
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XRP is the best performer amongst the top 10 cryptocurrencies by market cap.
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The rally comes after Ripple revealed that STASIS had integrated its XRPL technology.
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XRP could surge toward the $0.50 resistance level in the near term.
XRP outperforms the other major cryptocurrencies
XRP is performing excellently today despite the broader cryptocurrency market likely to end the week in a negative manner. The native coin of the Ripple ecosystem has added more than 8% to its value so far today. At press time, the price of XRP stands at $0.4059 per coin.
The positive performance comes after Ripple revealed in a blog post on Thursday that STASIS—which issues the largest euro-backed stablecoin, EURS—has integrated the XRPL.
Ripple pointed out that its XRPL provides easy on and off-ramps for developers, institutions and consumers to unlock new stablecoin use cases.
XRP’s rally comes as the broader crypto market sheds off some of its gains. The total cryptocurrency market cap stands at $827 billion, down by less than 1% today. Bitcoin is trading at $16,461, down by 0.8% in the last 24 hours, while the price of Ethereum is down by 1.6% and currently trades at $1,181 per coin.
Key levels to watch
The XRP/USD 4-hour chart is bullish as Ripple has been outperforming the broader cryptocurrency market over the last 24 hours.
The MACD line is above the neutral zone, indicating that XRP is bullish at the moment. The 14-day relative strength index of 63 shows that XRP could be heading into the overbought region if the rally continues.
With the bulls now in charge, XRP could surge past the first major resistance level at $0.46977 before the end of the day. However, it would need the support of the broader crypto market to rally toward the $0.5067 resistance level for the second time this month.
The broader market is bearish, and that could affect XRP’s performance in the near term. If that happens, XRP could dip toward the $0.3742 support level over the next few hours.
Where to buy XRP now
eToro
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