Stablecoin Market Cap Surpasses 120 Billion Ethereum Users Continue to HODL Is the Bull Market in Cryptocurrency Coming

What happened?
As of October 18, 2024, over 19 million Ether (ETH) coins are stored in “accumulated addresses” of long-term holders, representing a 65% increase since the beginning of 2024.
With each Ether coin priced at $2,645, the total value exceeds $50 billion, demonstrating the confidence of long-term investors in the future prospects of Ethereum.
The world’s largest stablecoin, USDT, also reached a historical high by surpassing a market value of $120 billion on October 20, 2024.
The significant increase in the quantity of Ether accumulated addresses, the record-breaking market value of USDT, and the strong inflow of funds into Bitcoin ETF indicate a strong upward trend in the cryptocurrency market.
Significant Increase in Accumulated Addresses of Ether (ETH)
The so-called “accumulated addresses” refer to wallets on the Ethereum blockchain that have not conducted any withdrawals. Long-term holders who do not sell or withdraw their coins have always been an important indicator for traders and market participants. The Ether coins in these accumulated addresses are regarded as a strong indicator of confidence in the long-term market outlook.
According to a report by Burakkesmeci, an analyst at data company CryptoQuant, the quantity of Ether in the accumulated addresses of long-term holders has increased by 11.5 million coins, or approximately 65%, since the beginning of the year, indicating an increasing trust in Ethereum by investors.
Burakkesmeci further predicts that the total quantity of Ether in these addresses may exceed 20 million coins by the end of 2024.
Burakkesmeci points out that the launch of Ethereum spot ETF in July this year has driven institutional investment demand and highlighted the cryptocurrency market as a major focus for future financial development.
Tether’s Market Value Surpasses $120 Billion – Is the Bitcoin bull market coming?
In addition to Ether, Tether (USDT), the world’s largest stablecoin, surpassed a market value of $120 billion for the first time on October 20, 2024, reaching a historical high.
The increase in the supply of stablecoins, which serve as a bridge between fiat currencies and digital assets, is often seen as a sign of an upcoming bull market because investors tend to accumulate stablecoins before entering the market to purchase cryptocurrencies.
According to data from blockchain data company Arkham Intelligence, within the past 48 hours, Tether’s reserves have transferred over $86 million USDT to major exchanges such as Binance and Kraken, indicating incoming buying pressure.
With the increase in the supply of Tether, investors generally expect Bitcoin to rebound in October, also known as “Uptober.”
Looking back at historical trends, Bitcoin has typically performed strongly after October. For example, in 2020, Bitcoin rose by 27% in October and 42% in November, initiating a six-month bull market.
Furthermore, as the inflow of funds into Bitcoin ETF continues, the total net inflow reached a new milestone of $20 billion on October 17, surpassing the figure that took the gold-backed ETF five years to achieve in just 10 months.
Analyst Rekt Capital points out that if Bitcoin can surpass the key level of $68,700 this week, it is likely to confirm a market breakthrough.