66% of Ethereum addresses are in profit, data shows

According to IntoTheBlock data, as of August 12, 2024, the profit rate of Ethereum addresses was at 66%.

According to data from IntoTheBlock, 79.5 million Ethereum (ETH) addresses are currently in the money as ETH hovers just above $2,600. That accounts for 66.04% of ETH holders, an increase from the 63% that remained above water when the Ethereum price dropped to $2,100.

IntoTheBlock analysts wrote:

“Last week’s market crash hit Ethereum significantly, leaving many holders at a loss. The last time we saw a similar percentage of profitable holders was in October 2023, when Ethereum was trading around $1,800.”

IntoTheBlock data shows the percentage of Ethereum addresses that are making a profit at the current price around $2,600

Although the percentage of addresses making profits has increased compared to last week, this number remains below the 75% that was in the green when ETH was trading above $3,159 on August 1.

The price would need to increase significantly for more of the 37.2 million addresses currently in the red to turn green. Out-of-the-money addresses refer to addresses that purchased ETH at an average price higher than the current market cap.

If the price rises, 3.59 million addresses that bought Ethereum at prices between $2,679 and $2,755 will become profitable. ETH has been stagnant at these levels since the recent Jump Trading sell-off and the surprise awakening of dormant wallets related to the Plus Token Ponzi scam.

Whales deposit 5,000 ETH into OKX

On-chain data shows that an Ethereum whale from the Ethereum ICO period has been moving a significant amount of coins in the past few days.

The latest is a 5,000 ETH transfer to crypto exchange OKX, which Lookonchain linked to an address that bought the coins at $0.31. The same wallet address moved more than 48,500 ETH worth more than $154 million to OKX.

The movement of such a large amount of coins has usually been accompanied by significant selling pressure in the relevant cryptocurrency, and this could be seen happening in Ethereum if the whale decides to sell. Therefore, it is likely that traders will react to these exchange deposits if the whale decides to liquidate.