In a surprising show of faith, Ethereum just recorded its largest single-day accumulation inflow ever, 449,000 ETH, valued at approximately $786 million, entered accumulation addresses on April 22. This surge came even as prices dipped into the $1,400 range, pointing to long-term holder conviction rarely seen since 2018.
In spite of this milestone of accumulated amount, the prices of most of these addresses have a realized value of $1,981 and hence remain underwater, indicating the possibility of further downside. Nevertheless, the 10% increase in active addresses between April 20 and 20–22, from 306,211 to 336,366, puts bullish sentiment at the network level into perspective. The differences between the increasing network engagement and stagnant DeFi action, however, question the sustainability of the momentum.
