More than 90% of Ethereum holders say they are making profits

More than 90% of Ethereum holders are making profits, says analytics company IntoTheBlock. - Here’s What That Means - Daily Hodl

new data from analyst firm IntoTheBlock shows that more than 90% of #Ethereum (ETH) holders are now in the black. In a new thread on the social media platform, the cryptocurrency platform states that the 2nd largest digital asset by market capitalization accounts for less than 3% of the total supply of crypto assets, so it is unlikely to feel pressure from sellers who are seeing losses. 90.8% of #ETH holders are currently profitable, which is the highest since May 6. Interestingly, there are still 9.2% of ETH holders with losses holding only 2.8% of the total supply. This suggests that potential selling pressure from this group may have a limited impact as ETH continues to grow At the time of writing, the altcoin’s value was over 3,547, which has dropped slightly in the last 24 hours. IntoTheBlock noted that May saw the highest net outflow of stablecoins from exchanges since January, indicating that traders are locking in profits and setting aside funds to return to the market later. March saw the highest net outflow of stablecoins from exchanges since March. This, combined with strong price performance, suggests that traders are making profits. These funds are likely to be transferred into #altcoins or held in reserve for future drops. Read us at: Compass Investments #CryptoTrends #Crypto2024