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As reported by the blockchain intelligence platform Glassnode, the proportion of Ethereum addresses that are currently profitable has decreased to roughly 53.5%.
This decline is linked to Ether’s market activity, with its price experiencing a drop of about 13% over the last 30 days.
Glassnode noted that the last occasion when the percentage of Ethereum addresses in profit fell below 54% was on January 12, 2023. The figure was even lower towards the end of 2022 and in the early days of the current year.
Conversely, the percentage surged above 70% in May when ETH approached the $2,000 mark and again in July when the second-largest digital asset by market capitalization reached that level.
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ETH Percent Addresses in Profit, Source: glassnode alerts
Recently, Ether’s price has stabilized around $1,600 and, like many other cryptocurrencies, appears to be waiting for a significant event to indicate a potential recovery.
A pause in the Federal Reserve’s aggressive interest rate strategy, a definitive victory for Ripple in its legal battle with the US SEC, or the formal approval of a spot Bitcoin ETF in the United States are some developments that could trigger a bullish trend across the market.
If such events occur in the near term, the overall percentage of ETH addresses in profit might rise significantly above the 70% threshold.
Nevertheless, the current bearish trend may persist or even worsen, suggesting that the number of Ethereum addresses experiencing paper losses could increase.
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