Blockchain intelligence platform IntoTheBlock has revealed a new metric showing that 61% of ETH holders are sitting in profits.
61% of ETH Holders in Profit
IntoTheBlock’s data showed the second-largest crypto asset’s Historical In/Out of the Money since 2016. The metric shows that ETH holders in profit dropped to as low as 3% after the 2017 cycle. In the 2019-2020 cycle, ETH wallets in profits dropped below 10% due to bearish trends. During the 2021 bull run, the number of profitable wallets reached record levels. Recently, during a market downturn, profitable ETH holders sank to 46%, but the current figure stands at 61%.
Bearish September for Crypto Market
This month has seen ETH’s worst performance since February, as the asset dropped below $2300 once again. Bitwise’s CEO Matt Hougan highlighted three potential drivers behind the crypto market downtrend every September. He explained that risk assets like Bitcoin and other cryptocurrencies often perform poorly in September. Hougan also expressed confidence that October will bring a bullish trend, raising the price of assets like ETH to new heights.
Troubles with ETH/BTC Trading
The ETH/BTC trading pair has reached a 3.5-year low, indicating significant losses for ETH compared to the largest digital asset.
The current market situation highlights the difficulties faced by ETH holders. Despite this, a significant portion of investors remain profitable, which may positively influence the market in the future.
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