Number Of Ethereum Addresses In Loss At ATH
On-chain data tracker Glassnode Alerts on X (formerly Twitter) has a shocking development regarding Ethereum addresses. According to the tracker, the number of addresses seeing losses on a 7-day moving average (MA) has jumped to its highest level ever.This metric takes note of the price at which the ETH coins being held on addresses were last moved. Then it is compared to the current price of the altcoin to figure out if the addresses are seeing gains or losses. The metric had been rapidly climbing in 2023 due to the bear market, culminating in a new all-time high.
Number of addresses in loss hit new all-time high Source: Glassnode
Other ETH Metrics Flashing Bearish
Ethereum’s open interest in perpetual futures contracts had also taken a hit with the price struggles. It to a one-month low $445,789,354, just weeks after hitting a previous one-month low of $450,965,900 on September 13.These declines come as no surprise as the ETH price had lost support above $1,600. With the bears dragging the price below $1,600, the losses for holders had climbed rapidly as the altcoin’s price fell to two-week lows.
Founder Vitalik Buterin had also made carrying a significant amount of ETH toward centralized exchanges. This has sparked speculations that the founder is selling, which in turn could influence investors to sell as well.
ETH bears take control of price | Source: