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On-Chain Data Shows Mass Accumulation Among Ethereum Investors

Published

2 Monaten ago

on



  • Ethereum has gained a few percent since the lows of last week.
  • The coin currently trades for $380 but peaked earlier today at $385.
  • This price action has been underscored by reports that mass Ethereum accumulation has been taking place.
  • Leading crypto analytics firm Santiment reports that ETH is leaving exchange wallets en-masse, suggesting accumulation and long-term confidence.
  • The firm recently wrote: “ETH’s top 10 whale exchange addresses have continued swapping their funds to non-exchange wallets, & moving holdings at an impressive rate.”
  • This may be related to institutional investment.
  • According to Barry Silbert, CEO of Digital Currency Group, Grayscale Investment’s Ethereum Trust has accumulated 2% of all ETH in circulation
  • The fundamentals of Ethereum are also strong as ETH 2.0 nears.

Ethereum Accumulation Spikes Ahead of 2.0 Launch

Santiment blockchain data indicates that there is a spirit of accumulation amongst Ethereum holders and investors. The blockchain analytics company recently reported that the count of ETH held on exchanges has dropped in the past two months, suggesting investors are long-term confident about ETH:

“$ETH’s top 10 whale exchange addresses have continued swapping their funds to non-exchange wallets, & moving holdings at an impressive rate. The 20.5% decrease in tokens on exchanges the past 2 months indicates price confidence by top #Ethereum holders.”

Chart of ETH's price action over the past few months with an overlay of the number of top 10 exchange holdings vs. non-exchange holdings.
Chart from Santiment, a blockchain analytics firm.

Much of this accumulation seems to be related to institutional players.

According to Barry Silbert, CEO of Digital Currency Group, Grayscale Investment’s Ethereum Trust has accumulated 2% of all ETH in circulation:

“While everybody has been focused on our bitcoin accumulation, the @GrayscaleEthereum Trust now holds over 2% of all ETH in circulation.”

Head of DTC Capital Spencer Noon previously commented that institutions that want access to DeFi are first routing capital through Ethereum:

“My read on #DeFi after speaking with instl investors, fund mgrs, OTC desks, and FOs over the last few wks: The herd is coming. They’re excited about DeFi but new to it, so they’re buying $ETH first.”

Long-Term Fundamentals of ETH Strong

The fundamentals of ETH are stronger than ever as this accumulation picks up.

Heath Tarbert, the chairman of the U.S. Commodities and Futures Trading Commission (CFTC), recently said that he has been “impressed with Ethereum, period, full stop.”

He said that the cryptocurrency is much more like the Internet if Bitcoin was to be likened to email.

Photo by 戸山 神奈 on Unsplash
Price tags: ethusd, ethbtc, eth
Charts from TradingView.com
On-Chain Data Shows Mass Accumulation Among Ethereum Investors





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Ethereum

Crypto enthusiasts could make $122K per year mining Ethereum with this setup

Published

17 Minuten ago

on

Dezember 29, 2020

By



Simon Byrne has taken at-home crypto mining to a whole new level as he looks to capitalize on Ethereum’s (ETH) enormous price potential. 

As first reported by Anthony Garreffa, Byrne has set up an ETH mining rig consisting of 78 GeForce RTX 3080 graphics cards. Although the RTX 3080 is marketed toward high-end PC gamers, crypto miners are using these powerful specs to enhance their capabilities.

With each card using roughly 300W of power, Byrne’s setup uses 23.4KW of energy. And that doesn’t even factor in associated costs like AC. All said, his electricity bill is estimated to run up to around $2,166 per month.

The RTX 3080 launched in September at a price of $699, but supply shortages have caused the per-unit cost to swell to $1,199. At the shortage price, that’s a price tag of $93,522 for Byrne’s setup.

Still, these costs could be offset by the operation’s mining capability. One GeForce RTX 3080 graphic card has a hash rate of around 83MH/s using Ethash, which should generate roughly 0.22236870 ETH per month, according to Garreffa. All 78 cards would therefore generate 17.3 ETH per month, which is equivalent to around $12,352 at today’s prices.

Stripping away the electricity costs, that’s roughly $10,200 per month or $122,000 per year. And that’s not factoring in Ethereum’s price potential during the next bull market.

Ether’s price zipped past $700 over the weekend, the first such move since mid-2018. The return of altseason, as some have predicted, could send ETH’s price even higher over the medium term as investors cycle from Bitcoin to other large-cap cryptocurrencies.