Carmelo_Alemán2025-05-04

ETH Holders Refuse to Sell: Accumulating Addresses Lower Their Cost Basis

Since December 16, 2024, when Ethereum reached its cycle high of $4,107, its price has undergone a sustained correction. This bearish phase has been endured calmly by long-term holders, who have maintained their positions. However, March 10 marked a turning point in market behavior. On that date, On-Chain data shows that accumulating addresses moved into unrealized loss territory, according to the CryptoQuant metric ETH: Realized Price by Accumulating Addresses, as ETH fell to $1,866.7, while their Realized Price stood at $2,026. Chart 1 Accumulating addresses in ETH are defined as those that consistently receive ETH without significant selling, and whose balance remains stable or increases over time, regardless of whether they belong to large or small holders. These addresses are typically Long Term Holders, meaning they hold ETH for more than 155 days. These addresses have lowered their Realized Price from $2,026 to $1,980 as of May 3, reflecting a 2.32% decrease since March 10. Chart 2 Despite the continued downtrend, and even while in unrealized losses, accumulating addresses have not abandoned their strategy. Instead, they increased their ETH exposure: on March 10 they held 15.5356M ETH, and by May 3 this rose to 19.0378M ETH, a 22.54% increase, as seen in the ETH Cohort analysis and Balance on Accumulation Addresses. Chart 3 and Chart 4 Conclusion ETH investors demonstrate strong belief in the asset, project, and ecosystem. Their On-Chain behavior reflects structural conviction and clear expectations of short-term appreciation—aligned with Ethereum’s broader evolution. It remains to be seen whether this sustained accumulation by strong holders marks a new inflection point in Ethereum’s cycle. Signed by Carmelo Alemán 📲 Connect with me: ♦️ X: @oro_crypto ♦️ YouTube: OroCryptoCanal ♦️ Email: [email protected] For collaborations, questions, or feedback—feel free to reach out!