In the end ! Ethereum investors rush to take profits as profitability skyrockets.

Ethereum has been at the forefront of the revival of the cryptocurrency market lately. Indeed, the price of Ethereum he had recovered after an update important with regard to the upcoming Merger and the market has recovered accordingly. ETH’s price quickly hit 1-month highs and saw its value rise above $ 1,700. This has likely led to a good number of ETH investors.

The profitability of ETH increases

Ethereum had seen its profitability decline following the stock market crash that rocked the month of June. For the first time in a year, the percentage of Ethereum owners making a profit has dropped below half, causing intense selling pressure in the market. However, the recovery was as quick as the crash and most Ethereum holders were once again making profits.

This is currently the case, since more than half of the investors in ETH earns. According to data from IntoTheBlock, ETH investors who are in the money stand at a total of 57% at the time of writing. This has been accompanied by increased confidence in cryptocurrencies, as only 41% of all holders are currently taking a loss, with 2% temporarily in neutral territory.

Another interesting metric regarding the digital asset is the number of long-term holders it boasts. With 62% of all investors holding their coins for more than a year, this means that nearly everyone making a profit is a long-term holder, further reinforcing the belief that diamond hands are the most rewarded in cryptocurrency. .

Ethereum Investors Take Profits

With prices recovering, Ethereum has seen a lot of selling. This is understandable given that investors want to take profits after the June crash. This has seen foreign exchange flows increase over the past week.

Trade data shows that in the last week alone, $ 3.2 billion of ETH has flowed into exchanges, compared to $ 2.9 billion in exit. This shows that there is more sellers than buyers in the current marketwhich would explain the downtrend that has seen the price of ETH drop below $ 1,700.

However, the tide appears to be starting to turn on this front, given the net flows of ETH over the last day. A total of $ 188 million in ETH was injected into the exchanges, while $ 199.8 million was withdrawn. It’s not a big margin, but it does mean that investors are starting to accumulate when the price has dropped.

ETH is trading at $ 1,655 at the time of writing. It remains the second largest cryptocurrency with a market capitalization of over $ 200 billion.

Thomas E.
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