The number of Ethereum addresses with profit in them is now more than that of Bitcoin addresses.
Ethereum’s price rally to over $300 has created more account owners with a positive balance than there is for Bitcoin wallet owners.
According to Blockchain, while 31.86 million ETH addresses have above zero ETH, the same can be said for 30.83 million BTC accounts.
Increase in ETH holders
On-chain metrics has improved since the last time ETH was valued at over $300. It was The Defiant that first reported over 70% of ETH addresses now have $300 in the wake of ETH’s recent bull run. The accounts making this achievement were once below $200 in March and April.
In July last year when a similar surge occurred, about 13.5 million addresses representing half of the total ETH addresses then were in profit.
The number of accounts that have refused to sell any ETH for the past 12 months or more has also risen by more than 10 million.
Increase in Bitcoin tokenization
Another method of estimating the increasing use of Ethereum is by calculating the number of tokenized BTC on Ethereum.
When BTC is tokenized/wrapped, it makes it easier to be used on DeFi systems and other areas that require the use of ERC-20 tokens. Many Bitcoin users do not hesitate to buy these tokens especially for investing in Decentralized Finance and yield farming.
Consequently, more than 20,000 Bitcoins have been converted to tokens on Ethereum. This is about $223 million dollars considering the present BTC to USD exchange rate provided by btconethereum.com. This amount is several times more than the reserves of some popular Bitcoin companies.
The growth of DeFi happens to be directly proportional to rate of production of tokenized Bitcoins.