On May 5th, a CryptoQuant analyst stated that since Ethereum reached its cycle high of $4,107 on December 16th, 2024, its price has experienced a continuous pullback. However, during this bear market phase, ETH accumulation addresses continue to increase their holdings.
ETH accumulation addresses refer to those that continuously receive ETH without massive selling, with their balance remaining stable or increasing over time, regardless of whether they belong to large or small holders. These addresses are typically long-term holders who have held Ethereum for more than 155 days.
On-chain data shows that these accumulation addresses entered the unrealized loss zone on March 10th, when Ethereum dropped to $1,866.7, while their average entry price remained at $2,026.
Despite being in an unrealized loss situation, ETH accumulation addresses continue to increase their ETH holdings: from 15.536 million ETH on March 10th to 19.038 million ETH on May 3rd, a growth of 22.54%.
This demonstrates that long-term ETH investors have strong confidence in Ethereum's assets, projects, and ecosystem.
