According to analytics firm Glassnode, more than 60% of Ethereum tokens have not moved over the last 12-months. While Grayscale founder claimed Grayscale Ethereum Trust represents 20% of all ETH supply.
Glassnode’s Hold Wave
It is a popular belief that investors hold Bitcoin for a long time, but Ethereum’s investors have also shown great interest in holding ETH coins as 60.4% of all ETH tokens are not transferred in a year. Glassnode shared a graph entitled “Hold Wave” which presented a bullish picture for the second-largest coin as investors prefer to hold it for a long time.
A lot of investors bought ETH for holding in late 2018 when it was trading below $100. They have booked an outstanding profit as the token is now exchanging hands at $373.
According to market experts and analysts, traders are not selling their coin in anticipation of ETH2.0. After the launch of ETH2.0, the network will migrate from proof-of-work to proof-of-stake.
Proof-of-stake will allow the crypto community to earn on staking coins. Investors holding ETH coins may shift their holdings for staking. ETHhub founder Anthony Sassano said,” With eth2 phase 0 approaching, it’ll be interesting to see how much this percentage comes down by as Ethereum OG’s move their stash into staking.”
Barry Silbert, the founder of Grayscale, tweeted that Ethereum Trust is holding 2% of all ETH tokens in circulation. This shows an institutional interest in the second-largest token of the crypto markets. In the Q3 report, the assets fund manager noted it has witnessed record capital inflows from institutional investors.
In an interview with crypto a news agency, Heath Tarbert, chairman of the Commodity Futures Trading Commission, praised Ethereum over Bitcoin. He compared Ethereum with World Wide Web through an analogy. “Let me just basically say how impressed I am by Ethereum, full stop, period,” said Tarbert.
For such high praise for the network, Ethereum thanked Heath Tarbert . Ethereum’s co-founder Vitalik Buterin thanked CFTC’s chairman over Twitter.
Currently, Ethereum is exchanging hands at $372 after plunging by 2.17% over the last 24-hours. But it has surged by more than 10% in the last seven days.