ETH users have a 28.9% supply share, showing ‘long-term’ confidence
Almost one-third of Ether, as token holders show long-term interest in the crypto asset and the rewards it can earn.
On October 8, onchain data provider IntoTheBlock shared that it now owns 28.9% of all Ether (ETH). The data platform highlighted that ETH's share percentage was 23.8% in January, which means it accounted for an additional 5.1% share of all ETH over the past 10 months.
Source: IntoTheBlock
IntoTheBlock also highlighted that it has held a 15.3% stake in ETH over three years. The data provider believes that this is a strong sign of “long-term confidence” in Ethereum's future.
Despite the stock increase, the price of Ether fell
Despite the increasing demand for ETH, the value of crypto assets has decreased. Although ETH showed great strength in the first half of 2024, the token's price faced some challenges in October.
On March 12, ETH traded above $4,000 and reached a yearly high. However, the price has fallen 40% since March, to around $2,400.
Ether Yearly Price Chart. Source: Cointelegraph Markets Pro
Analysts believe that early coin-selling by participants and a lack of liquidity on the Ether exchange contributed to the resource's recent decline.
Between October 1st and October 3rd, the price of ETH failed to break above $2,650 and fluctuated by 12%. A bearish sentiment has eroded asset gains over the past two weeks.
Related: Ethereum blob count is ‘comfortably close to ceiling' – Vitalik Buterin
Lowering privacy requirements
Meanwhile, Ethereum founder Vitalik Buterin recently backed the idea of lowering the requirements for separate savings.
On October 3, Buterin joined a discussion on X about solo staking. The founders of Ethereum recognized the need to lower the minimum ETH requirements so that investors can earn only through shares.
While there are playing pools for users with less money, owners who want to stake their own will need 32 ETH, worth about $80,000. In a post, Buterin noted that this could be a barrier to greater participation in participation.
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