ETH Profitability Grows
Ethereum had seen its profitability decline following the market crash that rocked June. For the first time in a year, the percentage of Ethereum holders who had been in profit had declined to below half, causing intense sell pressure in the market. However, the recovery would come just as quickly as the crash, and the majority would be flung into profit once more.Related Reading | Bitcoin Bounces Off Consolidation Range, What Lies In Store?
This is currently the case where . According to data from IntoTheBlock, ETH investors who are in the money come out to a total of 57% at the time of writing. It has come with increased confidence in the cryptocurrency as only 41% of all holders are currently experiencing a loss, with 2% sitting tentatively in neutral territory. Another interesting metric regarding the digital asset is the number of long-term holders it boasts. With 62% of all investors have held their coins for more than a year, it means that almost all of those in profit are long-term holders, once more promoting the belief that diamond hands get rewarded the most in crypto.Ethereum Investors Take Profit
With the recovery in price, there has been a lot of selling going on in Ethereum. This is understandable, given that investors would want to take some profit after the June crash. This has seen the exchange inflows increase over the last week.
ETH falls below $1,700 | Source:shows that for the last week alone, $3.2 billion in ETH flowed into exchanges compared to the $2.9 billion that flowed out. This shows that there are more sellers than buyers in the current market, which would explain the downtrend that has seen ETH’s price decline below $1,700.
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However, it does seem like the tide is starting to turn on this front, given the . A total of $188 million in ETH had flowed into exchanges, while $199.8 million had flowed out. Not a large margin, but it means investors are beginning to accumulate as the price has declined. ETH is trading at $1,655 at the time of this writing. It remains the second-largest cryptocurrency with a market cap of more than $200 billion.Featured image from CoinQuora, chart from TradingView.com
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