ethereum holders have been subject to uncertainty over the past few months as bulls and bears battled for control. Since bears win at a much higher rate than bulls, ethereum holders have found that their holdings have continued to lose value. This time, the crash has raised the number of investors losing money to a new all-time high.
Number of ethereum addresses in loss at ATH
The Glassnode Alerts on-chain data tracker on X (formerly Twitter) has revealed a shocking development regarding ethereum addresses. According to the tracker, the number of addresses experiencing losses on a 7-day moving average (MA) has risen to its highest level ever recorded.
This metric takes note of the price at which the eth coins held in the addresses last moved. It is then compared to the current price of the altcoin to determine whether addresses are making profits or losses. The metric had risen rapidly in 2023 due to the bear market, culminating in a new all-time high.
According to Glassnode’s report, the total number of losing addresses is now 49,939,211,006, up from its previous all-time high of 49,921,736,464 which was reached on September 15. If the price of eth continues to fall, then this figure will likely hit another all-time high soon.
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Number of addresses in loss hit new all-time high Source: Glassnode
Other eth Metrics Flash Lower
ethereum‘s open interest in perpetual futures contracts was also affected by the price fights. He abandonment to a one-month low of $445,789,354, just weeks after hitting a previous one-month low of $450,965,900 on September 13.
Meanwhile, accumulation also appears to be falling among median investors. Glassnode too reports that the number of addresses holding at least 10 eth had plummeted to a 3-month low of 347,825. This suggests that these investors may be unloading their holdings to avoid further losses.
Small investors are not left out of this trend either. Another metric that tracks the number of ethereum addresses containing 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.
These drops are not a surprise as eth price had lost support above $1,600. With the bears dragging the price below $1,600, losses for holders increased rapidly as the altcoin price fell to two-week lows.
Founder Vitalik Buterin had also made proceedings bringing a significant amount of eth to centralized exchanges. This has sparked speculation that the founder is selling, which in turn could influence investors to sell as well.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/09/The-number-of-Ethereum-addresses-losing-money-just-hit-a" alt="Tradingview.com ethereum Price Chart (eth Addresses in Loss)” width=”2884″ height=”1746″ loading=”lazy”/>
eth bears take control of price | Source: ETHUSD on Tradingview.com
Featured image from Blockchair, chart from Tradingview.com
