Ethereum has been bearish since it surged past the psychological mark of $2,000.
The second-largest cryptocurrency based on market capitalization has been down by 6% from the past week to trade at $1,682 at press time, according to CoinMarketCap.
New data by on-chain data provider Glassnode reveals that the number of crypto addresses holding more than 100 ETH has hit a 19-month low of 45,518. These addresses are from centralized exchanges, as alluded to by digital asset firm Bloqport.
It, therefore, shows a holding culture because more ETH is being stored in cold storage or being locked in ecosystems like decentralized finance (DeFi).
Bloqport acknowledged:
“According to DefiPulse, 9.2 million Ether—around 8.2% of the circulating ETH supply—is now locked in the DeFi ecosystem.”
The boom in the non-fungible token (NFT) and DeFi sectors have boosted Ethereum’s bull run, but this has been derailed by high gas fees, which recently hit an all-time high – with an average…