Whereas the 0.1 BTC club is rising slowly, Ethereum’s version seems to have more momentum. There is a new all-time high in addresses holding 0.1 ETH or more. Of course, given the price difference, it is much easier to own one-tenth of Ether than Bitcoin, but the overall growth curve remains remarkable.
The 0.1 ETH Club Spikes Again
Over the past year or two, there has been a renewed interest in cryptocurrencies. Most users will not necessarily hold the asset themselves but trust a third party. As the options to gain exposure to cryptocurrency continues to grow, growth curves can be found everywhere. However, the crucial metric to look at is the number of addresses holding 0.1 ETH or more. That metric will tell whether the overall interest in Ethereum remains tangible.
Per Glassnode, the 0.1 ETH club has grown again. A new all-time high of 5,417,300 addresses is on the charts as of today. Furthermore, significant growth after it seemed as if the curve would flatten out near 3 million addresses. Since the introduction of pre-staking support and rewards, there has been a more significant demand for holding Ether than before.
After all, users can opt to put any amount into Ethereum staking. Running a staking node still requires 32 ETH, but contributing 0.1 ETH or more is equally possible through other service providers. Thus, it levels the playing field for everyone with Ether in their portfolio, regardless of the overall amount.
As this new all-time high for addresses holding that balance is now in place, all eyes are on surpassing 5.5 million. It may take a while for that to happen. However, the recent steep upward curve shows that business is picking up. Reaching 6 million addresses in the 0.1 ETH club may happen sooner rather than later.
What About The Dormant Supply?
As the short-term Bitcoin dormant supply seemed to inspire more people to hold a fractional amount, one would expect the same to be true for Ethereum. In reality, things could not be any different. Ethereum’s dormant supply to watch is the 2y-3y one. That metric reached a four-month high, confirming funds are not moving among long-term holders.
Based on that information, it seems that the 0.1 ETH club grows primarily due to newly minted ETH. However, there is only so much ETH to be mined in a day, and with EIP-1559, the available supply is lower. However, it is possible the funds come from anywhere and may have any age. As long as more addresses hold ETH, that is the main takeaway from all this.