New data from market analytics firm IntoTheBlock reveals that over 90% of Ethereum (ETH) holders are now in the green.
In a new thread on the social media platform, the crypto intelligence platform says the second-largest digital asset by market cap is unlikely to feel sell pressure from those seeing losses since they hold under 3% of the crypto asset’s total supply.
“90.8% of ETH holders are now in profit, the highest since June. Interestingly, the 9.2% of holders still at a loss hold just 2.8% of the total supply. This suggests that potential sell pressure from this group may have a limited impact as ETH continues to trend upward.”
The top altcoin is trading for $3,547 at time of writing, a marginal decrease during the last 24 hours.
IntoTheBlock then notes that the month of November has seen the highest amount of net stablecoin outflows from exchanges since April, signaling that traders are taking profits and saving them to re-enter the market at a later time.
“November recorded the highest stablecoin net outflows from exchanges since April. This, paired with strong price performance, suggests traders are locking in profits. These funds will likely be redeployed into altcoins or held in reserve for future dips.”
According to IntoTheBlock, Tether (USDT) – the world’s most popular stablecoin – recently surpassed a market cap of $130 billion and recorded just under 24.1 million transactions, setting a new record.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: DALLE3
Read the full article here