Ethereum Addresses Holding 1+ ETH Hits a New All-time High of 1.484M

June 4, 2022 Editor Ethereum 0

Summary:

  • Ethereum addresses holding one or more ETH has hit a new all-time high of 1.484 million.
  • Deposits also continue to flow into the ETH 2.0 contract hitting a new all-time high of 12.785 million ETH.
  • The on-chain metrics hint toward Ethereum investors playing the long game with ETH.
  • Bitmex’s Arthur Hayes still believes Ethereum could hit $10k by the end of the year.

The number of Ethereum addresses holding one or more ETH has hit a new milestone. According to the team at Glassnode, the number of such addresses holding one or more Ethereum has just reached a new all-time high of 1,484,710. The team at Glassnode shared their observation on the number of ETH holders through the following tweet.

Ethereum 2.0 Deposit Contract Now Holds 12.785 Million ETH.

In another observation of the Ethereum network, the team at Glassnode pointed out that the ETH 2.0 deposit contract now held 12,785,557 ETH, which is a new all-time high. Further double-checking this figure on EtherScan.io reveals that this number has since increased to 12,785,941 Ethereum, as seen in the following screenshot.

Amount of Ethereum in the ETH 2.0 Deposit contract. Source, EtherScan.io

Ethereum Investors are Playing the Long Game with ETH

The number of Ethereum addresses holding one or more ETH hitting an all-time high alongside the amount of Ethereum on the ETH 2.0 contract can lead to the loose conclusion that Ethereum investors are playing the long game with the number two digital asset.

Bitmex’s Arthur Hayes Still Believes Ethereum Could Hit $10k this Year.

The possibility of Ethereum thriving in the crypto markets in the long term was also explored by the Founder and CEO of BTC.TOP mining company, Jian Zhuoer, in a Twitter thread earlier this week where he forecasted the following:

Ethereum merge is expected to take place between October and December this year, with an 80%~90% production reduction (equivalent to 2~3 times BTC halving), plus EIP-1559’s burning mechanism, making ETH the first real deflationary token.

Similarly, in a recent blog post, the co-founder and former CEO of Bitmex, Arthur Hayes, reiterated that he still believes Ethereum could hit $10k by the end of 2022. According to his analysis, Ethereum could prosper this year due to several ongoing macroeconomic and political factors. He said:

I laid out a thesis for why I believed Ether could hit $10,000 by year-end.

In light of the recent carnage, many readers wonder if I still believe in that target. In short, yes! However, because the resumption of the bull market is a political affair I have less confidence in my timing estimate.

My political theory rests on an assumption that the core tenets of inflation that American voters (or any citizen, for that matter) care about – fuel and food – will not materially soften as the Fed continues bashing a crowbar into the dome of risky-asset markets. As a result, no one is going to be happy come election day.