Miner balances on Ethereum (ETH) stockpile, quickly approaching $2 billion.
Ethereum (ETH) miner balances continue increasing, as the metric reached a 50-month high, according to a behavior analysis platform Santiment.
The on-chain and social metrics analysis provider pointed out that the amount of Ethereum held by miners reached the highest level since July 2016.
Miners hoarding almost $2 billion worth of ETH
The amount of Ethereum held by miners is at its highest level since July 13, 2016, Santiment pointed out on Twitter.
#Ethereum is up to $3,480, the coin’s highest price in 16 days. Notably, miner balances have continued to skyrocket. 532.75k $ETH is the largest balance held by miners since July 13, 2016. The value of these coins is $1.85B.
While noting that the current total balance is 532,750 Ethereum, the analysis platform underscored the value of these coins is quickly approaching $2 billion.
Ethereum’s price rallied 10.32% in the past 7-day period, recently crossing the $3,600 mark.
The reluctance to sell mining rewards indicates a strong HODL mentality amongst Ethereum miners, who are hoarding roughly 0,45% of the crypto’s total circulating supply, currently at 117,7 million.
Those mining Ethereum are not the only ones anticipating further price growth, recent data shows.
Despite high gas fees and intensifying competition, the network settled $6.2 trillion over the last twelve months, signaling a 350% increase, crypto analytics company Messari revealed.