Glassnode analytics tool has recently announced that the total number of wallets storing 1,000+ Ether (ETH) has dropped to a major low. At the same time, the number of addresses that hold 1+ ETH has surged to a one-month high.
The new one-month high that was reached by the owners of crypto wallets that hold 1+ ETH reached 1,135,845, according to data from Glassnode. On the other hand, the number of wallets that have 1,000+ ETH has plunged to a 3-month low of 6,793.
It appears like the mid-sized whales are dropping some ETH while the retail buyers and investors are grabbing as much ETH as they can find as the coin keeps trading above $1,500 near its all-time highs.
ETH Futures About To Launch
On February 2, the second-biggest coin by market cap finally exploded above $1.5K to reach a new all-time high of $1,567 after it had spent around two weeks in a range between $1,300 and $1,400. The consolidation phase came after the crypto had recorded its previous all-time high of $1,467.
Interest in Ethereum has been kept quite high by the recent launch of the zero phase of Ethereum 2.0 in December 2020. Stakers have continued to lock their ETH coins in the deposit contract reaching a total value locked (TVL) of nearly $4.1 billion currently.
The second key driver for the investors who are acquiring ETH and expect it to rise further is the imminent launch of the ETH-based futures on the Chicago-based Exchange (CME). CME is a platform that serves institutional investors. Thus, this launch is expected to attract more institutional investors into the ETH market.