77% Of Ethereum Not Involved In Locked Contracts Have Not Been Moved In Six Months
Market Analyst Company, Glassnode, has made a shocking revelation after they reported that more than three-quarter of Ethereum in wallets owned by external accounts has remained stagnant. Externally owned accounts are accounts that the users have a unique private key with which they can send Ethereum and messages to other clients. Despite the massive price swing that has rocked the digital assets market since the March 12 sell-off, the Ethereum in the external wallets has remained in the holders’ wallet for as long as six months.
Reportedly, Glassnode data is showing a behavior which is known as “strong HODling” by the owners of the external wallets. HODling is a term used in the digital market when a trader or client of a particular digital asset has chosen not to tamper with the assets in his wallet despite upward or downward movement in the market. The data further states that 77% of the total supply has been stagnant in six months, 57.6% has followed the same pattern while lasting a year while 31.6% has not been touching in a two-year duration. Bitcoin holders are currently following in the HODling trend with 42.8% of the total number of the supply of the digital assets lasting in wallets spanning a length of two years, which makes it a 10.4 % increase in the previous year.
The recent fluctuations in the price of the digital asset can be a result of the decline that happened on March 12 that saw Bitcoin lose half its value overnight, and the next day saw it decline further. This development affected other cryptocurrencies with Ethereum suffering one of its most disastrous price crash on March 13. The digital asset is currently doing well in the market with its trading at $213, a massive rally from the $118 it traded in the early parts of last month.
Analysts have associated this development as a move by investors and traders to take the opportunity of the proposed Q3 review to amass more profit that the coin is expected to bring in the coming weeks. Furthermore, some analysts have predicted that once the Bitcoin halving goes sideways and does not experience a surge in price, most traders would look to Ethereum to help them out of their losses. Investors should not be fooled by the Bitcoin halving going sideways as a means to acquire more Ethereum because it might be a trap due to the high rate of volatility currently experienced in the digital assets market.
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