Profitable ethereum addresses stood at 66% as of August 12, 2024, according to data from IntoTheBlock.
According to data from IntoTheBlock, 79.5 million ethereum (eth) addresses are currently generating profits as eth hovers just above $2,600. This represents 66.04% of eth holders, up from the 63% that remained above the level when ethereum price dropped to lows of $2,100.
IntoTheBlock Analysts x.com/intotheblock/status/1822960390344507515″ target=”_blank” rel=””>wrote:
“Last week’s market crash significantly impacted ethereum, pushing many holders into losses. The last time we saw a similar percentage of profitable holders was in October 2023, when ethereum was trading around $1,800.”
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While the percentage of addresses in profit increased from last week’s total, this number is down from the 75% that were in the green when eth was trading above $3,159 on Aug. 1.
The price will have to increase significantly before more of the 37.2 million addresses currently in the red turn green. Addresses that are out of the money are those that purchased eth at an average price higher than the prevailing market figure.
If the price rises, 3.59 million addresses that acquired ethereum at prices between $2,679 and $2,755 will become profitable. eth has been stuck around these levels amid recent Jump Trading sales and the surprise awakening of dormant wallets related to the Plus Token Ponzi scam.
Whales deposit 5,000 eth into OKX
On-chain data shows that an ethereum whale from the ethereum ICO era has moved significant amounts of coins over the past few days.
The latest is a transfer of 5,000 eth to cryptocurrency exchange OKX, which Lookonchain links to an address that received the coins at the price of $0.31. This same wallet address has since transferred over 48,500 eth, worth over $154 million, to OKX.
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The movement of such large sums of coins has often been accompanied by significant selling pressure on the respective cryptocurrency, and ethereum could see this happen if the whale decides to sell. Traders are therefore likely to react to these deposits on the exchange if the whale decides to liquidate.
