Ethereum addresses experiencing losses have peaked, reaching 43,815,911, according to data from the analytical platform Glassnode. This figure represents the highest number observed since January, indicating a significant downturn for Ethereum investors.
The surge in ETH addresses facing losses suggests heightened market volatility or a downward trend in ETH’s price, as observed during the recent market collapse. This trend can profoundly impact investor sentiment and increase selling pressure. Investors may choose to liquidate their holdings to minimize losses or secure profits.
Data from IntoTheBlock highlights that a substantial amount of ETH in circulation is currently at a loss compared to their acquisition values on-chain. Approximately 65.11 million ETH, which accounts for 53.49% of the circulating supply, is facing losses. This data underscores the widespread impact of the current market conditions on ETH investors.
Ethereum’s Whale Addresses Hold Record-Breaking Amounts
On June 5, behavior analytics resource, Santiment revealed that much of ETH is moving into self-custody and decentralized finance platforms. The largest whale addresses on the network have absorbed most of these tokens. The ten most significant non-exchange addresses hold an all-time high of 31.8 million ETH. This concentration of ETH holdings in the hands of a few large entities signals a strong belief in the long-term potential of the cryptocurrency.
Yesterday, ETH dropped to a low of $1,630, marking its lowest value since March 16. Despite an attempt to recover, the asset closed the day with a significant loss of 5.12%. This represents Ethereum’s largest intraday loss in nearly a month. Currently, trading in the $1,640 zone, ETH leaves several addresses at a loss.
Over the past 24 hours, Ethereum has seen a 6.7% decline, enduring three consecutive losing sessions. If the asset closes negatively today, it will sustain the ongoing losing streak. At the time of writing, Ethereum is changing hands at $1,629, indicating a challenging period for investors.
As Ethereum addresses loss reach a record high and market volatility persists, the future trajectory of the cryptocurrency remains uncertain. Investors closely monitor the need for any signs of recovery or further decline in the value of Ethereum.