The Ethereum (ETH) price could explode to record highs on the backs of an optimistic accumulation behavior.
Data provided by cryptocurrency market analysts at Santiment shows that miners are now holding more ETH rewards than they did three months back. At 1.69 million ETH, which roughly equals about $300 million, the cumulative balance of all Ethereum mining pools is now sitting atop a new all-time high.
Miners’ ETH holdings are reaching its all-time high | Source: Santiment
Maksim Balashevich, the founder of Santiment, wrote in a note that miners’ accumulative strategy tends to show their high confidence level in the project, adding that their hoarding of the token is likely to continue heading into February.
