Market Dynamics: Ethereum Surpasses Bitcoin in Long-Term Holders, Institutional Interest Increases
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Ethereum Surpasses Bitcoin In Long-Term Holders: Is Altseason Approaching?
Recent data from IntoTheBlock reveals a significant shift in the holding trends of both Bitcoin and Ethereum. According to the data, the percentage of long-term Ethereum holders has surpassed that of Bitcoin, raising speculation about an impending altseason.
Over the past year, the percentage of long-term Bitcoin holders has decreased, while Ethereum has seen a steady increase, ultimately exceeding Bitcoin’s share earlier this year. This trend suggests a significant shift in investor sentiment and behavior.
The Altcoin Season Index hit a high of 88/100 on December 4 but has since settled at 47, indicating mixed sentiment regarding altcoin performance. Nevertheless, the data from IntoTheBlock reinforces the notion that Ethereum is currently gaining ground against Bitcoin.
Historically, ETH gains against BTC have preceded broader altcoin rallies. This shift in focus could pave the way for increased market activity in alternative cryptocurrencies as we approach 2025.
Institutional Interest in Ethereum Increases
Ethereum has also witnessed significant inflows from institutional investors. Between December 23 and December 27, Ethereum spot ETFs recorded a net inflow of $349 million. BlackRock’s ETHA ETF attracted $182 million, while Fidelity’s FETH ETF brought in $160 million. This influx of capital signals growing confidence in Ethereum’s long-term potential.
Last week, the Ethereum spot ETF had a net inflow of $349million. The Blackrock ETF ETHA had a weekly net inflow of $182 million, and the Fidelity ETF FETH had a weekly net inflow of $160 million.
Investor Sentiment Remains Bullish
Traders’ sentiment remains optimistic, with 78.30% of traders on BitMEX betting on Ethereum price increases in futures markets. This enthusiasm is further bolstered by the rising percentage of long-term ETH holders and increasing institutional support, positioning Ethereum as a driving force in the altcoin market.
In conclusion, Ethereum’s surge against Bitcoin has led to speculation about an impending altseason. With institutional interest growing and investor sentiment remaining bullish, it appears that Ethereum is primed to drive the altcoin market forward in the coming months.
Source: nulltx.com
