Ethereum Investors Keep Accumulating Despite Market Uncertainty, FTX Collapse

Ethereum ETH/USD is seeing its user base accumulate and its adoption grow despite the ongoing market turmoil caused by the bankruptcy of major crypto exchange FTX.

The number of addresses holding at least 0.1 ETH — equivalent to about $128 at the time of writing — reached a three-month high of 6,410,467, according to Glassnode data.

Accumulation is ongoing among large holders. The number of addresses holding at least 100 ETH — currently about $128,000 — reached a 20-month high of 46,579.

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Glassnode also noted that Ethereum's transaction volume reached a four-month high of 174,425 ETH — about $220 million as of press time. This may be explained by the current state of market unrest causing much of the increase in on-chain movement on its own, with possibly no real increase in adoption involved.

Lastly, the seven-day average of the percentage of Ethereum's addresses in profit according to Glassnode is currently at its four-month low. This suggests that we are unlikely to see any large-scale profit taking any time soon.

Various Ethereum tokens, as well as the Solana SOL/USD and Binance Smart Chain BNB/USD tokens, have recently left FTX's official wallets.

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