66% of Ethereum addresses are in profit, data shows

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As an analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market fluctuations and trends. The current state of Ethereum addresses in profit, as per IntoTheBlock data, is quite intriguing. With 66% of ETH holders currently in profit, it’s a testament to the resilience of this digital asset. However, considering we saw up to 75% of addresses in profit just a few weeks ago, it’s clear that the market is still finding its footing.

66% of Ethereum addresses were reported to be in profit on August 12, 2024, based on statistics provided by IntoTheBlock.

Approximately 79.5 million Ethereum (ETH) owners are currently in profit, with Ethereum’s price hovering around $2,600. This equates to about 66.04% of all ETH holders, a rise from the initial 63% who were still making a profit when Ethereum’s price dropped to $2,100.

IntoTheBlock analysts wrote:

“Due to the recent drop in the market, Ethereum has left many investors with losses. In fact, it hasn’t been this bad for profitable Ethereum holders since October 2023, a time when Ethereum was valued at approximately $1,800.”

66% of Ethereum addresses are in profit, data shows

Although more addresses are currently seeing profits compared to the previous week’s total, it’s important to note that this figure still falls short of the 75% of addresses that enjoyed profits when Ethereum was trading above $3,159 on August 1.

For a substantial rise in the price, it’s unlikely that many of the 37.2 million Ethereum (ETH) addresses showing a loss will turn a profit, as these addresses have previously purchased ETH at prices above the current market value.

If Ethereum’s price rises, approximately 3.59 million investors who bought it at prices ranging from $2,679 to $2,755 will see a profit. The price of ETH has been holding steady in this range due to recent selling by Jump Trading and the unexpected activation of wallets linked to the Plus Token Ponzi scheme.

Whales deposits 5,000 ETH to OKX

Information from blockchain reveals that a major Ethereum investor, who is known for being active during the Initial Coin Offering period of Ethereum, has recently transferred substantial quantities of Ether over the past few days.

As a seasoned cryptocurrency investor with years of experience under my belt, I find it intriguing to observe such large-scale transactions happening on popular exchanges like OKX. The recent transfer of 5,000 ETH at a price point of $0.31 caught my attention, as it is linked to a wallet address that has previously moved more than 48,500 ETH, equating to over $154 million. This transaction, along with my own personal observations and market analysis, leads me to speculate on potential market trends or whale activity within the Ethereum ecosystem. It’s always fascinating to see the ebb and flow of digital assets in the ever-evolving world of cryptocurrencies.

12 hours ago, a whale who initially received 1 Million Ether (worth approximately 13.2 million dollars at the time) during the Ethereum ICO at a price of 0.31 dollars, deposited another 5,000 Ether (approximately 13.2 million dollars) into OKX.

— Lookonchain (@lookonchain) August 12, 2024

Large amounts of coins being transferred typically coincide with significant selling pressure on the associated cryptocurrency, and Ethereum might experience this phenomenon should the whale opt to sell. Consequently, traders are likely to respond to such deposit transactions if the whale chooses to cash out. In summary, keep an eye on Ethereum deposits as they could signal a potential sale by the whale.

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2024-08-12 16:58