Is Ethereum’s recent accumulation an omen of prosperity? Miners and whales signal increased confidence in the coin’s long-term potential.
The latest findings by Santiment, published in Cointelegraph Consulting’s biweekly newsletter, suggest that regular users are returning to Ethereum in response to lower transaction fees.
Several influential Ethereum cohorts — including miners and some of Ethereum’s largest non-exchange addresses — have been showing signs of ongoing accumulation and increased confidence in the coin’s long-term potential.
After a period of redistribution and short-term selloffs by Ethereum’s block creators throughout August, the combined balance of Ethereum mining pools is once again on the rise, growing by 50,000 ETH (~$18,200,000 at the time of writing) over the last 30 days.
In the past, major drop-offs in the collective holdings of Ethereum miners frequently coincided with rising sell-side pressure and price regression, while periods of miner accumulation often boded well for Ethereum’s price in the near term.
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A similar accumulation pattern has been observed by the 100 largest non-exchange Ethereum addresses, aka Ethereum’s biggest whales.