Number Of Ethereum Addresses Losing Money Just Reached A New All-Time High
September 25 2023 - 10:00AM
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Ethereum holders have been subject to uncertainty over the last few
months as bulls and bears have struggled for control. With the
bears winning at a much higher rate than the bulls, Ethereum
holders have found their holdings have continued to lose value.
This time around, the plunge has sent the number of investors
losing money to a new all-time high. Number Of Ethereum Addresses
In Loss At ATH On-chain data tracker Glassnode Alerts on X
(formerly Twitter) has revealed a shocking development regarding
Ethereum addresses. According to the tracker, the number of
addresses seeing losses on a 7-day moving average (MA) has jumped
to its highest level ever. Related Reading: Ethereum Founder
Vitalik Buterin Reveals The Challenges Of The Network This metric
takes note of the price at which the ETH coins being held on
addresses were last moved. Then it is compared to the current price
of the altcoin to figure out if the addresses are seeing gains or
losses. The metric had been rapidly climbing in 2023 due to the
bear market, culminating in a new all-time high. According to
Glassnode’s report, the total number of addresses in loss is now
sitting at 49,939,211.006, rising from its previous all-time high
of 49,921,736.464 that was reached on September 15. If the price of
ETH continues to drop, then this figure will likely hit another
all-time high soon. Number of addresses in loss hit new all-time
high Source: Glassnode Other ETH Metrics Flashing Bearish
Ethereum’s open interest in perpetual futures contracts had also
taken a hit with the price struggles. It dropped to a one-month low
$445,789,354, just weeks after hitting a previous one-month low of
$450,965,900 on September 13. Accumulation also seems to be
dropping among mid-sized investors in the meantime. Glassnode also
reports that the number of addresses holding at least 10 ETH had
plunged to a 3-month low of 347,825. This suggests that these
investors may be offloading their holdings to prevent more losses.
Small investors are also not left out of this trend. Another metric
that tracks the number of Ethereum addresses holding at least 0.1
ETH also showed a decline in recent months. This has led to a
5-month low for the metric, with only 5,120,950 addresses holding
0.1+ ETH. Related Reading: Bitwise Withdraws Application, A Big
Blow To Ethereum ETFs? These declines come as no surprise as the
ETH price had lost support above $1,600. With the bears dragging
the price below $1,600, the losses for holders had climbed rapidly
as the altcoin’s price fell to two-week lows. Founder Vitalik
Buterin had also made transactions carrying a significant amount of
ETH toward centralized exchanges. This has sparked speculations
that the founder is selling, which in turn could influence
investors to sell as well. ETH bears take control of price |
Source: ETHUSD on Tradingview.com Featured image from Blockchair,
chart from Tradingview.com
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