Ethereum miners are reluctant to sell their assets and appear to expect further price increases. The amount of Ethereum that is being held by miners has reached record levels in U.S. dollar terms as they remain reluctant to sell. The balance held by Ethereum miners is the largest it has been since shortly after the network was launched five years ago. When converted into USD, it is at a historic peak of $1.85 billion, according to data provided by analytics platform Santiment.
The firm stated that the 532,750 ETH is the largest balance held by miners since July 13, 2016. The amount equates to around 0.45% of the total circulating supply of Ethereum which is currently 117.8 million ETH.
Miners usually sell the asset regularly to cover expenses which include electricity and hardware costs. A reluctance to sell suggests that miners could be holding out for further price increases.
The Ethereum hash rate, which is often viewed as a reflection of network health and security, slumped during the miner exodus from China along with Bitcoin’s. Ethereum's hash rate fell to 477 TH/s in late June but has fully recovered over the past three months and surged to new peaks. It is currently up 150% since the beginning of the year.
That’s despite China-based Ethereum mining pools dropping out of the race, with SparkPool and BeePool suspending operations in recent weeks. Curiously, there has been no noticeable drop in hash rate which hit an all-time high of 745 terrahashes per second (TH/s) on Oct. 5 according to Bitinfocharts.
Cointelegraph reported in September that Ethereum miners had started hoarding the asset following the London hard fork in early August. Research from the Kraken crypto exchange suggested that miners were expecting further price increases from potential deflationary properties following the launch of EIP-1559 which burns some of the transaction fees.
Since the upgrade went live on Aug. 5, 473,120 ETH worth around $1.7 billion has already been burnt according to Ultrasound.Money. Further adding to the supply squeeze, a large percentage has also been staked on the Eth2 Beacon Chain contract. Around 6.7% or 7.9 million ETH has been locked for staking according to the Eth2 explorer. At current prices of around $3,577, this equates to roughly $28 billion worth.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||56.8%||92||$20 900.56||-2.20%||2.22%||$398 755 492 673|
|2||ETH||Ethereum predictions||56.8%||88||$1 202.05||-2.96%||7.07%||$145 838 169 594|
|3||USDT||Tether predictions||93.6%||1||$0.999239||-0.03%||0.02%||$66 816 360 124|
|4||USDC||USD Coin predictions||94%||1||$1.000002||-0.04%||-0.08%||$55 802 722 548|
|5||BNB||Binance Coin predictions||61.2%||88||$234.15||-2.25%||8.36%||$38 231 653 209|
|6||BUSD||Binance USD predictions||93.2%||1||$1.001013||0.02%||-0.03%||$17 406 990 839|
|7||XRP||XRP predictions||60.4%||80||$0.354798||-3.53%||9.82%||$17 152 035 554|
|8||ADA||Cardano predictions||61.6%||78||$0.488369||-3.44%||-1.29%||$16 483 693 060|
|9||SOL||Solana predictions||66%||71||$38.75||-5.93%||10.64%||$13 283 462 618|
|10||DOGE||Dogecoin predictions||59.6%||85||$0.072549||-2.39%||21.26%||$9 625 078 747|
|11||DOT||Polkadot predictions||59.2%||81||$7.80||-4.85%||-0.49%||$7 698 820 570|
|12||DAI||Dai predictions||96%||1||$0.999958||-0.06%||-0.09%||$6 797 461 805|
|13||TRX||TRON predictions||60%||88||$0.068078||3.77%||11.43%||$6 296 975 066|
|14||SHIB||SHIBA INU predictions||62%||78||$0.000011||-4.63%||36.14%||$6 074 989 804|
|15||WBTC||Wrapped Bitcoin predictions||54.8%||92||$20 886.28||-2.15%||2.70%||$5 526 065 366|
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