As expected, the price rally for Ether has also led to more profitability for those holding the coin, according to on-chain data that shows that the number of Ethereum addresses in profit has reached a new ATH of 56,953,148.232 based on a 7-day moving average.
This week has mainly been a profitable one for Ethereum, as the second-largest cryptocurrency has hit a new ATH of more than $2,500. The launch of the Berlin upgrade on the network’s Mainnet has played an important role in helping the coin grow.
An associate at Decentral Park Capital, Lewis Harland, pointed out a bullish trend that is characterized by a drop in the total number of Ethereum held on crypto exchanges, according to CoinGape.com. He tweeted: “We’ve just seen the 7th largest daily net outflow for #ETH since 2017. The accumulation continues.”
The accumulation seems to apply to both retail and institutional holders.
Ethereum has an important role in today’s crypto ecosystem as it is the most used blockchain network for DeFi applications that are growing in popularity. Since it has a role in powering DApps, the utility of ETH will surely also increase over time.