Ethereum addresses losing money hits new all-time high

Ethereum addresses losing money hits new all-time high

The Plunge in Ethereum: Record Number of Investors Losing Money

The blockchain industry has witnessed significant fluctuations in recent months, causing uncertainty among Ethereum holders. With bears prevailing over bulls, the value of Ethereum holdings has continued to decline, resulting in a new all-time high in the number of investors facing losses.

Ethereum Addresses in Loss

According to on-chain data tracker Glassnode Alerts, the number of Ethereum addresses experiencing losses on a 7-day moving average (MA) has reached its highest level ever. This metric analyzes the price at which ETH coins were last transferred on addresses and compares it to the current price to determine gains or losses. Due to the prevailing bear market, this metric has been steadily rising, ultimately reaching a new all-time high.

As per Glassnode’s report, the total number of addresses in loss currently stands at 49,939,211.006, surpassing the previous all-time high of 49,921,736.464 set on September 15. If the price of ETH continues to decline, it is highly likely that this figure will reach yet another all-time high soon.

Date Number of Addresses in Loss
September 15 49,921,736.464
Current 49,939,211.006

Other Bearish Metrics

Apart from the surge in addresses facing losses, other Ethereum metrics have also turned bearish. The open interest in perpetual futures contracts dropped to a one-month low of $445,789,354. This decline occurred shortly after reaching a previous one-month low of $450,965,900 on September 13. The decrease in open interest indicates a decrease in market participation.

Furthermore, mid-sized investors have been seen offloading their holdings as the number of addresses holding at least 10 ETH plummeted to a 3-month low of 347,825. These individuals are likely taking precautionary measures to prevent further losses.

Smaller investors have not been immune to this trend either. The number of Ethereum addresses holding at least 0.1 ETH, an essential metric tracking retail investor activity, has also experienced 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.

Metric Number of Addresses
Addresses holding at least 10 ETH 347,825
Addresses holding at least 0.1 ETH 5,120,950

Causes and Speculations

These declines in Ethereum metrics are not surprising given the loss of support above $1,600. With bears dragging the price below this crucial level, losses for Ethereum holders have escalated, with the altcoin’s price hitting two-week lows.

Additionally, founder Vitalik Buterin’s notable transactions involving a significant amount of ETH being sent to centralized exchanges have fueled speculations that he may be selling. Such speculations can significantly influence investor behavior, potentially leading to further selling pressure.

Overall, the blockchain industry, particularly Ethereum, is facing a challenging period marked by increased losses and a decline in investor confidence. It remains crucial for stakeholders to closely monitor market trends and adapt strategies accordingly to navigate these turbulent times effectively.

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