Ethereum (ETH) Accumulation Addresses Surpass 19M, Emphasizing the Blockchain's Fast Increasing Appeal

In the past few days, the total amount of Ethereum in accumulating addresses has risen, topping 19 million ETH, an important milestone for the Ethereum blockchain.

The total amount of Ethereum in accumulating addresses has surged to 19 million ETH, highlighting the cryptocurrency's increasing appeal.

Earlier this year, the approval of Ethereum Spot ETFs has largely contributed to this trend.

The adoption of these regulations has been crucial in positioning Ethereum as a viable investment option, especially for institutions that were previously hesitant to engage with cryptocurrency.

As a result, Ethereum is now becoming a key component in the portfolios of both institutional and retail investors, highlighting its significance in the future of finance and extending its appeal beyond tech enthusiasts.

Data from CoinGlass paints a mixed picture to support this shift. Currently, ETH open interest stands at $12.88 billion, indicating a -1.79% change.

This is accompanied by a 1.8058 Binance ETH/USDT long/short ratio, suggesting a greater tendency towards long positions.

However, volume has seen a significant decrease, now sitting at $7.45 billion after dropping by 55.14%.

Meanwhile, ETH trades around $2,649.96 at the time of writing, showcasing a 7.46% increase over the last seven days.

This price surge has pushed the coin market cap above $300 billion, highlighting its increasing dominance in the crypto space.

Besides price performance, institutional staking of Ethereum has also seen a clear rise.

According to a previous CNF report, nearly 70% of institutional investors show interest in ETH staking.

This shift is particularly notable considering that 22% of respondents stated that over 60% of their portfolios were dedicated to Ethereum or its staking equivalent.

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