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Ethereum Insiders Are Hoarding ETH, Miners Set to Shatter Major Milestone: Report

by Daily Hodl Staff
February 1, 2020
in Ethereum

Ethereum (ETH) miners are hoarding large amounts of Ether, according to a new report from Our Network, a weekly newsletter published by crypto data tracker Santiment.

The report indicates that an ETH accumulation record is at hand.

“Miners’ ETH holdings [are] poised to breach all-time-high. Across the entire Ethereum miner ecosystem, the last three months were marked by stable and undisrupted accumulation…

Barring major market volatility this time around, we’re likely to breach this [accumulation] milestone within the next few days.” 

The cumulative balance of all Ether mining pools is presently close to an all-time-high of 1.69 million ETH, an amount valued at around $300 million at current prices, the report reveals. The last time Ethereum miners were holding this much Ether was October of 2019, just before the cryptocurrency’s dip below $170 led some to sell their holdings.

The accumulation period for ETH suggests miners have an increasing amount of confidence in the future of the second-largest cryptocurrrency. 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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