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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Investors Clamor To Take Profits As Profitability Explodes

Best Owie
Best Owie
2 years ago
3 mins read
Ethereum

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Ethereum has been at the forefront of the crypto market recovery in recent times. This is because the price of Ethereum had rallied following an important update regarding the upcoming Merge, and the market had recovered in kind. ETH’s price had quickly grown to one-month highs and had seen its value grow beyond $1,700. This had no doubt put a good number of ETH investors ahead when it comes to profit.

ETH Profitability Grows

Ethereum had seen its profitability decline following the market crash that rocked June. For the first time in a year, the percentage of Ethereum holders who had been in profit had declined to below half, causing intense sell pressure in the market. However, the recovery would come just as quickly as the crash, and the majority would be flung into profit once more.

Related Reading | Bitcoin Bounces Off Consolidation Range, What Lies In Store?

This is currently the case where more than half of all ETH investors are currently seeing profits. According to data from IntoTheBlock, ETH investors who are in the money come out to a total of 57% at the time of writing. It has come with increased confidence in the cryptocurrency as only 41% of all holders are currently experiencing a loss, with 2% sitting tentatively in neutral territory.

Another interesting metric regarding the digital asset is the number of long-term holders it boasts. With 62% of all investors have held their coins for more than a year, it means that almost all of those in profit are long-term holders, once more promoting the belief that diamond hands get rewarded the most in crypto.

Ethereum Investors Take Profit

With the recovery in price, there has been a lot of selling going on in Ethereum. This is understandable, given that investors would want to take some profit after the June crash. This has seen the exchange inflows increase over the last week.

Ethereum (ETH) price chart from TradingView.com

ETH falls below $1,700 | Source: ETHUSD on TradingView.com

Exchange data shows that for the last week alone, $3.2 billion in ETH flowed into exchanges compared to the $2.9 billion that flowed out. This shows that there are more sellers than buyers in the current market, which would explain the downtrend that has seen ETH’s price decline below $1,700.

Related Reading | Elevated Bitcoin Open Interest Levels Puts Market In Vulnerable Position

However, it does seem like the tide is starting to turn on this front, given the ETH net flows for the past day. A total of $188 million in ETH had flowed into exchanges, while $199.8 million had flowed out. Not a large margin, but it means investors are beginning to accumulate as the price has declined.

ETH is trading at $1,655 at the time of this writing. It remains the second-largest cryptocurrency with a market cap of more than $200 billion.

Featured image from CoinQuora, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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