- Ethereum Miners have increased their wallet balance by almost 15,000 ETH.
- The number of addresses holding 10,000 ETH to 100,000 ETH has increased drastically with a 5% Net increase from what it was a month ago.
- According to the historical data and statistics, every time the miners increase their balance collectively, there is a surge of the cryptocurrency market value.
A recent tweet revealed that according to data, the Ethereum Miners had increased their wallet balance by almost 15,000 ETH. This has just happened in two weeks. Moreover, the number of addresses holding 10,000 ETH to 100,000 ETH has increased drastically. There is a 5% net increase from what used to be a month ago.
— Ali Martinez (@satoshilatino) June 21, 2020
Surprisingly, this has occurred before the launch of the ETH 2.0 upgrade, which could launch anytime now. It is hinting towards the fact that ETH’s price could go sky high in the next couple of weeks.
Bollinger Bands Squeeze Out
Although the miners are having a good time, the current stagnation phase of Ethereum is forcing the statistical charts of Bollinger Bands to squeeze out. In a way, squeezes hint that this period of subsequently low volatility is to be followed by high price moments. Analysts may have a different approach to this kind of situation. However, Ethereum’s current market value is neither decreasing nor increasing, it is stagnant. Even though miners are readily collecting their own share of the token.
Santiments Say Ethereum Miners In Accumulation Mode
The miners are back to their collecting and accumulating mode says Santiments. Santiments is one of the leading platforms in behavioral analytics. Ethereum miners validating the transactions on the network have somehow managed to increase their balance by 15,000 ETH in the past two weeks. However, Santiments said that for the time miners had halted accumulation. According to the historical data and statistics, every time the miners increase their balance collectively, there is a surge of the cryptocurrency market value.
Ethereum Network Addresses Increases Considerably
However, this phenomenon has, in a way, increased the adoption of Ethereum, worldwide and has undoubtedly undergone a successful growth, which is an advantage to the Ethereum Blockchain platform. Network growth is one of the major aspects that define the development and improvement of the company.
Brian Quinlivan, who works as the Market and Social Media Director in santiments, said that a rise in network growth often associated with an increase in the price and its market value. However, contrarily, a deteriorating network can result in leaning prices with less number of newly-created addresses. Hence, analysts have concluded that a rise in the balance may hint towards a high price in the future.