“Last week’s market downturn significantly impacted Ethereum, pushing many holders into the red. The last time we saw a similar percentage of profitable holders was in October 2023, when Ethereum was trading around ,800.”
On-chain data shows an Ethereum whale from the Ethereum ICO era has moved significant amounts of coins in the past few days.
The price will need to increase significantly before more of the 37.2 million addresses currently in the red flip green. Addresses out of the money relate to those that bought ETH at an average price higher than the prevailing market figure.
Per data from IntoTheBlock, 79.5 million Ethereum (ETH) addresses are currently in profit as ETH hovers just above ,600. This accounts for 66.04% of ETH holders, an increase from the 63% that remained above water when the price of Ethereum fell to lows of ,100.
IntoTheBlock analysts wrote:
The latest is a transfer of 5,000 ETH to crypto exchange OKX, which Lookonchain links to an address that received the coins at the price of Ethereum addresses in profit stood at 66% as of August 12, 2024, according to data from IntoTheBlock.
The movement of such large sums of coins has often accompanied substantial sell-off pressure on the respective cryptocurrency, and Ethereum may yet see this happen if the whale decides to sell. As such, traders are likely to react to these exchange deposits if the whale decides to liquidate.
If the price moves higher, 3.59 million addresses that acquired Ethereum at prices between ,679 and ,755 will become profitable. ETH has stagnated around these levels amid recent Jump Trading selling and the surprise awakening of dormant wallets related to the Plus Token Ponzi scam.
