Long-term holders of Ethereum (ETH) have been accumulating the popular altcoin to the tune of billions of dollars over the past several weeks, according to market intelligence firm IntoTheBlock.
In a new report, the crypto insights company says that investors that long-term Ethereum holders sprung to action earlier this year and bought up over four million Ether worth $12.60 billion in a matter of weeks.
“Addresses holding Ether for over a year grew their positions by over four million ETH within weeks as prices plummeted in late January.
This has led to their holdings reaching yearly highs, although it has been dropping in the last few days.”
Ethereum is trading sideways for $3,150 at time of writing.
Looking at Bitcoin, IntoTheBlock reveals the BTC investor cohort that grew the fastest over the last month.
“Over the past 30 days, the number of addresses holding between 1,000 and 10,000 Bitcoin has grown faster than any other.
Given the spike on February 28, many pointed to these addresses possibly belonging to Russians given their economic sanctions in light of the Ukrainian invasion. There is no proof behind these rumors thus far.”
The analytics firm notes that Ethereum challenger Terra (LUNA) is likely in the category of entities that hold between 1,000 and 10,000 BTC. The smart contract platform has been snapping up BTC at a pace of over $125 million per day as a means of supporting its stablecoin, TerraUSD (UST).
“One of the largest new holders for Bitcoin has been Terra’s Luna Foundation Guard. The foundation behind the Terra platform has reportedly been accumulating $125 million [BTC] per day.
Terra’s plan is to reach $3 billion in Bitcoin holdings to act as collateral supporting UST. This would prevent de-pegging of UST, while also creating upward price pressure for Bitcoin.
Given Terra’s recent buying activity, they likely hold between 1,000 to 10,000 BTC at the moment, a group that has received a lot of attention recently.”
Bitcoin is exchanging hands at $44,347 at time of writing while LUNA is moving for $90.24.