Data Reveals 66% of Ethereum Wallets are Profitable
Data from IntoTheBlock reveals that as of August 12, 2024, approximately 66% of Ethereum addresses were in a profitable position. This statistic corresponds to around 79.5 million Ethereum (ETH) addresses that are currently experiencing profits, with ETH trading slightly above $2,600. The percentage of profitable addresses has seen an uptick from the previous 63% during a period when Ethereum’s price dipped to $2,100.
Analysts at IntoTheBlock noted the impact of last week’s market downturn on Ethereum, which pushed many holders into negative territory. They highlighted that a comparable proportion of profitable holders was last observed in October 2023 when Ethereum was valued at around $1,800.
Despite the recent increase in the percentage of addresses in profit, the current figure remains lower than the 75% recorded when ETH was trading above $3,159 on August 1. To shift more of the 37.2 million addresses that are currently at a loss to a profitable state, there would need to be a significant price surge. Addresses in the red indicate those that purchased ETH at an average price higher than the prevailing market rate.
If Ethereum’s price rises, approximately 3.59 million addresses that bought ETH within the price range of $2,679 to $2,755 would become profitable. The price of ETH has been relatively stable around these levels amidst activities such as Jump Trading’s selling and the unexpected movement of funds from dormant wallets associated with the Plus Token Ponzi scheme.
In a separate development, on-chain data highlights a significant movement of Ethereum coins by a whale from the Ethereum ICO era in recent days. This whale transferred 5,000 ETH to the crypto exchange OKX, with records indicating that the coins were received at a price of $0.31. The same wallet address has seen over 48,500 ETH, valued at more than $154 million, being moved to OKX.
Historically, large movements of coins have often coincided with substantial selling pressure on the respective cryptocurrency, potentially impacting Ethereum if the whale decides to sell. Traders are expected to monitor these exchange deposits closely in case the whale opts for liquidation, which could trigger market reactions.
The cryptocurrency market continues to witness dynamic shifts in address profitability and significant movements of digital assets, underscoring the importance of monitoring market trends and whale activities for investors and traders alike.
