Ethereum
Volatile Ethereum Millionaires Address Trend Highlights Market Dynamics in 2024
Onchain Highlights
DEFINITION: The number of unique addresses holding at least US$1 million in value.
Ethereum addresses with balances above $1 million have shown considerable fluctuations over the past six months. The number of these addresses increased sharply between mid-January and mid-March, reaching a maximum of 19,500. This period coincided with a significant rise in the price of Ethereum, which reflects the evolution of the addresses. However, in early April, the number of these addresses and the price both saw a sharp decline.
$1M: (Source: Glassnode)” width=”1800″ height=”1013″ />Ethereum: Number of addresses with a balance > $1M: (Source: Glassnode)
After a brief recovery in late April, the number of high-value Ethereum addresses fell again, bottoming out around mid-May. The trend reversed sharply afterward, coinciding with a further rise in Ethereum’s price. This trend highlights a potential correlation between the number of high-value holders and market price movements, suggesting that large investors may be reacting to or driving price changes.
The historical chart also shows that while the number of millionaire addresses has increased significantly since 2017, it remains sensitive to market conditions. The large swings seen in 2024 are in line with broader market trends, reflecting investor sentiment and market volatility. However, the moves were less extreme in 2024 than they were in previous bull runs.
