A recent report from market analytics firm IntoTheBlock has revealed that an impressive 90% of Ethereum (ETH) holders are currently in a profitable position.
According to the crypto intelligence platform, Ethereum, the second-largest digital asset by market cap, is unlikely to experience significant sell pressure from those incurring losses as they hold less than 3% of the total supply of the cryptocurrency.
IntoTheBlock shared on social media, “90.8% of ETH holders are now in profit, the highest percentage since June. Interestingly, the 9.2% of holders still at a loss only hold 2.8% of the total supply. This indicates that any potential sell pressure from this group is likely to have minimal impact as ETH continues its upward trend.”
At the time of writing, Ethereum is trading at $3,547, showing a slight decrease in value over the last 24 hours.
Furthermore, IntoTheBlock reported that November has witnessed the highest net outflows of stablecoins from exchanges since April, indicating that traders are cashing in profits and holding onto them to re-enter the market at a later stage.
The report mentioned, “November saw the highest stablecoin net outflows from exchanges since April. This, combined with the strong price performance, suggests that traders are locking in profits. These funds are likely to be reinvested in altcoins or saved for future market corrections.”
Additionally, IntoTheBlock highlighted that Tether (USDT), the leading stablecoin globally, has surpassed a market cap of $130 billion and recorded nearly 24.1 million transactions, setting a new milestone.
Stay updated with the latest developments by subscribing to email alerts and following us on social media platforms like Twitter, Facebook, and Telegram.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook, and Telegram
Surf The Daily Hodl Mix
Generated Image: DALLE3