The percentage of Ethereum addresses currently in profit has fallen to approximately 53.5%, according to blockchain intelligence platform Glassnode. This drop is attributed to the recent decline in Ether’s market performance, with its price sliding around 13% in the past month.
Glassnode’s data suggests that the last time Ethereum addresses in profit dipped below 54% was on January 12, 2023. Throughout 2022 and the early part of this year, the percentage was even lower. In contrast, when ETH approached the $2,000 mark in May and eventually reached it in July, the figure spiked above 70%.
With Ether’s current consolidation around the $1,600 mark, the overall market awaits significant developments that could potentially trigger a revival. Factors such as a change in the Federal Reserve’s interest rate policy, a favorable outcome for Ripple in its legal battle against the US SEC, or the official approval of a spot Bitcoin ETF could fuel a bull rally in the market as a whole.
If such events occur in the near future, the percentage of ETH addresses in profit could surpass the 70% level. However, if the ongoing bearish trend continues or intensifies, the number of Ethereum addresses experiencing losses may increase.
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