Number of Ethereum Addresses in Loss Reaches All-Time High
Ethereum holders have experienced a period of uncertainty as bears have dominated the market, causing losses for investors. The number of addresses with losses on a 7-day moving average has reached its highest level ever, according to data from Glassnode Alerts on X (formerly Twitter).
The metric measures the price at which ETH coins were last moved and compares it to the current price to determine gains or losses. This metric has been steadily increasing due to the bear market and has now hit a new all-time high.
Currently, there are 49,939,211.006 addresses in loss, surpassing the previous high of 49,921,736.464 on September 15. If the ETH price continues to decline, this number is expected to reach another all-time high.
Other Bearish Ethereum Metrics
Ethereum’s open interest in perpetual futures contracts has also suffered due to price struggles, dropping to a one-month low of $445,789,354. This comes after hitting a previous low of $450,965,900 on September 13.
Mid-sized investors are also reducing their accumulation of ETH. The number of addresses holding at least 10 ETH has reached a three-month low of 347,825. This indicates that these investors may be selling their holdings to mitigate further losses.
The trend is not limited to mid-sized investors; small investors are also affected. The number of addresses holding at least 0.1 ETH has declined, reaching a five-month low of 5,120,950 addresses.
All these declines are unsurprising as the price of ETH dropped below $1,600. Founder Vitalik Buterin’s transactions towards centralized exchanges have fueled speculation that he is selling, potentially influencing other investors to sell as well.
Hot Take: Ethereum Holders Face Mounting Losses as Bear Market Persists
Ethereum holders are grappling with increasing losses as the bear market continues to dominate. The number of addresses experiencing losses has reached an all-time high, indicating the severity of the situation. This is accompanied by other bearish metrics such as a drop in open interest and a decline in accumulation among investors.
The downward trend in Ethereum’s price, coupled with founder Vitalik Buterin’s transactions, has further contributed to the selling pressure. As a result, more investors are offloading their holdings to avoid further losses.
The future of Ethereum remains uncertain as it struggles against bearish forces. Investors must carefully navigate these challenging market conditions and assess their investment strategies accordingly.
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