Ethereum HODLing Sentiment Grows Over 2024 While Bitcoin Loses Strength, Data Shows

75% Of All Ethereum Addresses Are Long-Term Holders

Fresh on-chain data reveals that HODLing sentiment on the Ethereum network has risen by over 2024, while Bitcoin’s HODLer percentage has lost strength.

75% Of All Ethereum Addresses Are Long-Term Holders

In a new X post, market intelligence platform IntoTheBlock has compared Ethereum and Bitcoin in terms of their long-term holders (LTHs).

“Long-term holders” (LTHs) are defined as addresses that have been holding their coins for over a year without moving them in a single transaction. It’s a statistical fact that the longer an investor holds onto their coins, the less likely they become to sell them at any point. Hence, LTHs, who hold for significant periods, are assumed to be quite HODLing entities.

Here’s a chart shared by IntoTheBlock, showing how the proportion of LTHs has changed for Bitcoin and Ethereum over the past year.

Starting 2024, Bitcoin had a higher proportion of its addresses that qualified as LTHs than Ethereum. But a shift began to take place within the first few months as ETH’s HODLer percentage went up while BTC’s headed down.

It wasn’t long before the second-ranked cryptocurrency in terms of market capitalization pulled ahead of the first-ranked in this metric.

While Ethereum began the year with less than 60% of its addresses falling in the LTH group, with the growth in HODLing sentiment that occurred throughout the year, the figure now stands at 75%.

At the same time, Bitcoin’s LTH percentage has been continuously decreasing, but the scale of the decline hasn’t amounted to much. Over 62% of the cryptocurrency’s investors are currently holding tokens that have been dormant for more than a year.

The fact that more investors are becoming diamond hands on the Ethereum network can naturally be positive for the asset’s price, as it suggests there are fewer holders willing to part with their tokens. Bitcoin’s decline, on the other hand, indicates a weakening of resolve, which may end up being bearish.

In other news, the cryptocurrency market is heading towards the end of 2024 on a cold note in terms of trading volume, as on-chain analytics firm Santiment pointed out in an X post.

The above chart shows data for the combined trading volume of the different market segments. It appears that all sides of the market, including large caps like Bitcoin and Ethereum, have seen a recent decline in on-chain trading activity.

Historically, a low amount of interest in the market has usually meant a flat trajectory for the prices of the various coins.

BTC Price

Ethereum has been consolidating sideways since its crash earlier in the month, as its price is still trading around $3,350.