As of August 12, 2024, Ethereum addresses in profit stood at 66%, according to data from IntoTheBlock. This translates to 79.5 million Ethereum addresses currently in profit, with ETH prices hovering just above $2,600. This marks an increase from the 63% of ETH holders in profit when Ethereum’s price dipped to $2,100.

“Last week’s market downturn significantly impacted Ethereum, pushing many holders into the red. The last time we saw a similar percentage of profitable holders was in October 2023, when Ethereum was trading around $1,800.”

While the percentage of addresses in profit has increased from last week’s total, it is still below the 75% that were in the green when ETH traded above $3,159 on August 1. For more of the 37.2 million addresses currently in the red to flip green, Ethereum’s price will need to rise significantly. Addresses out of the money are those that bought ETH at an average price higher than the current market figure.

If the price moves higher, 3.59 million addresses that acquired Ethereum at prices between $2,679 and $2,755 will become profitable. ETH has stagnated around these levels amid recent selling by Jump Trading and the reactivation of dormant wallets linked to the Plus Token Ponzi scam.

In related news, on-chain data shows an Ethereum whale from the ICO era has moved significant amounts of coins recently. The latest transfer involves 5,000 ETH sent to the crypto exchange OKX. This address, which originally acquired coins at a price of $0.31, has moved more than 48,500 ETH, worth over $154 million, to OKX.

Such large sums of coin movements often lead to substantial sell-off pressure on the respective cryptocurrency. Ethereum traders are likely to react if the whale decides to liquidate these holdings.

For more updates on the cryptocurrency market, visit Global Crypto News.

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