According to IntoTheBlock, a staggering 74.7% of ETH is currently held by long-term holders. This marks a significant increase compared to Bitcoin's 60%, which has seen a gradual decline.
The data highlights a growing trend of long-term commitment to Ethereum, a pattern that stood firm throughout 2024. Long-term ETH holders rose from 59% in early 2024 to 75% by the year’s close. Bitcoin, on the other hand, saw its long-term holders decrease from 70% to 62% during the same period.
Several factors contribute to Ethereum's appeal among long-term investors. Staking incentives play a key role. Holders are encouraged to lock assets for extended periods, reducing the temptation to sell. The Shanghai/Capella update on April 12, 2023, enabled staking withdrawals, solidifying Ethereum's transition to proof of stake.
“This trend is likely to hold until Ethereum approaches its all-time high and holders start taking profits.”
Moreover, Ethereum's ecosystem is another cornerstone of its relative dominance. With decentralized finance (DeFi), non-fungible tokens (NFTs), and smart contracts driving demand, Ethereum has built a reputation for utility and innovation.
While Ethereum holders are showing resilience, Bitcoin is navigating turbulent waters. Recent price action saw Bitcoin dip below $95,000 before recovering slightly to trade above $96,000, as BNC previously reported. However, the market's underlying strength is up for debate as Bitcoin's Funding Rate — a crucial indicator of demand in the derivatives market — remains low.
According to CryptoQuant, sustainable price rallies are fueled by strong Funding Rates. While a delayed spike in demand during a rally is typical, its absence signals potential weakness. Last week, Bitcoin's rejection at the $108,000 resistance level caused Funding Rates to plummet, hampering bullish momentum.
If Bitcoin slips below its critical $90,000 support, it could face increased selling pressure and deeper corrections. Meanwhile, Ethereum's technical outlook offers a contrasting picture.
According to analyst Ali Martinez, Ethereum is tracking within an ascending parallel channel, suggesting a possible dip to $2,800, which could act as a launchpad for a rally toward $6,000.
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