Glassnode reports a surge in Ethereum addresses experiencing losses, reaching an all-time high.
The latest data from the analytical platform Glassnode has revealed that Ethereum addresses incurring losses have skyrocketed to an all-time high of 43,815,911. This surge indicates a significant downturn for Ethereum investors, marking the highest number observed since January.
The mounting number of ETH addresses experiencing losses suggests increased market volatility or a downward trend in the price of ETH, which was evident during the recent market collapse. Such a trend can heavily impact investor sentiment, leading to heightened selling pressure as individuals opt to liquidate their holdings to minimize losses or secure profits.
Furthermore, data from IntoTheBlock highlights a substantial amount of ETH currently circulating at a loss compared to its acquisition value on-chain. Approximately 65.11 million ETH, accounting for 53.49% of the circulating supply, is facing losses. These figures emphasize the widespread impact of the current market conditions on ETH investors, creating a challenging environment for them.
The Concentration of Ethereum in Whale Addresses Hits New Heights
Behavior analytics resource Santiment recently disclosed a notable shift of Ethereum into self-custody and decentralized finance platforms. The largest whale addresses on the ETH network have absorbed a significant portion of these tokens, with the top ten non-exchange addresses holding a record-breaking 31.8 million ETH. This concentration of ETH holdings in the hands of a few major entities reflects a strong belief in the long-term potential of the cryptocurrency.
Yesterday, Ethereum experienced a sharp decline, plummeting to a low of $1,630, marking its lowest value since March 16. Despite attempts at recovery, the asset closed the day with a substantial loss of 5.12%, representing its largest intraday loss in nearly a month. Currently hovering below the $1,700 zone, ETH leaves numerous addresses at a loss, amplifying concerns among investors.
In the past 24 hours alone, Ethereum has witnessed a 6.5% decline, enduring three consecutive losing sessions. Should the asset close negatively today, it will prolong the ongoing losing streak. As of reporting, ETH is trading at $1,629, indicating a challenging period for investors.
As Ethereum addresses facing losses reach an unprecedented high and market volatility persists, the future trajectory of the cryptocurrency remains uncertain. Investors vigilantly monitor any signs of recovery or further decline in the value of Ethereum, anticipating potential opportunities or risks in the market.