According to the blockchain intelligence platform Glassnode, the percentage of Ethereum addresses currently in profit has dropped to approximately 53.5%.
The downtrend is attributed to Ether’s market performance, whose price has fallen by approximately 13% in the past 30 days.
Glassnode estimated that the last time Ethereum addresses in profit dipped below 54% was on January 12, 2023. The percentage was even less towards the end of 2022 and the first few days of the ongoing year.
On the other hand, the figure spiked above 70% in May when ETH was inching closer to the $2,000 price tag and in July when the second-biggest digital asset by market capitalization hit that milestone.
Most recently, Ether’s valuation has consolidated at around $1,600 and, similar to many other cryptocurrencies, seems to await a major development to show signs of revival.
Halting the Fed’s aggressive interest rate policy, a decisive win for Ripple in its lawsuit against the US SEC, or the official approval of a spot Bitcoin ETF in America are some events that could cause a bull rally in the entire market.
Assuming this happens in the near future, the overall percentage of ETH addresses in profit could spike well above the 70% level.
However, the ongoing bearish trend might stay a bit more or even intensify, meaning the Ethereum addresses sitting on paper losses could rise.