- Ethereum hit 148.38M total holders, the highest among all crypto assets
- Despite recent price dips, ETF inflows and on-chain activity hinted at long-term optimism for ETH
Ethereum [ETH] is in the news today after it hit a major adoption milestone by surpassing 148.38 million total holders – The maximum on all crypto assets.
The hike in wallet numbers is a sign of sustained interest in the second-largest cryptocurrency, despite larger market fluctuations.
The milestone also represents Ethereum’s deep-rooted position in the digital asset space. As more users keep ETH, it fortifies the network’s growing utility and investor attitude.
Here, it’s worth noting that the news came on the back of recent upticks in other primary on-chain metrics.
Source: Santiment
ETH staking sets the highest monthly inflows
In addition to the growth in holders, Ethereum also recorded its largest monthly Staking Inflow Total to date, according to CryptoQuant. The spike suggested that long-term holders are locking in their positions, confident in ETH’s future performance.
Staking not only reduces the circulating supply, but also instills confidence in network security and stability.
Greater staking participation has the potential to lower sell pressure in the short run, aiding ETH’s price recovery on the charts.
Source: CryptoQuant
ETF inflows add to positive signals
As mentioned in AMBCrypto’s previous analysis, while U.S-listed Ethereum ETFs attracted $11.26 million in inflows on 5 June (16 straight days of net inflows), Bitcoin ETFs saw $278.44 million in outflows on the same day.
Institutional investors’ appetite for Ethereum ETFs bodes well for more confidence in ETH’s long-term future.
In fact, despite ETH’s 7% drop to around $2,400, indicators like the Seller Exhaustion Constant underlined signs of fading bearish pressure.
Market sentiment is still cautious, but in recovery
That being said, risk hasn’t vanished completely. Long liquidations crossed $256 million recently and Options market demand tilted towards puts – A sign of sustained short-term caution.
Even so, analysts like Income Sharks believe that ETH has shown strength at the $2,300-support level. A return to $3,000 remains on the table if these trends sustain themselves.
Long-term prospects for ETH are better!
Ethereum’s holders’ expansion, growing staking inflows, and continuous ETF inflows all contribute to a bullish long-term narrative.
Short-term risks may undoubtedly prevail, but these figures indicated that ETH might be positioning itself as the most bullish crypto asset in the long term.
