The fall in the value of Ether (ETH) has led to a sharp decline in the number of addresses in profit. In parallel, the number of unprofitable ETH wallets increased to a five-month high.
Just over 90.7% of addresses are now in profit, according to Glassnode. The last time about the same situation was observed in the market in January 2021, the researchers emphasized.
The number of unprofitable wallets reached 5.54 million amid the collapse of the ether rate to $ 2,200 at the end of last week. The fall continues today. At the time of this publication, the largest altcoin was trading at $ 1,900 for the first time since early April.
In addition, analysts drew attention to the drop in the income of ethereum miners. According to the same Glassnode team, the revenue of Ethereum mining pools is now at a three-month low ($ 1.121 million).
📉 #Ethereum $ ETH Miner Revenue just reached a 3-month low of $1,121,352.04
Previous 3-month low of $1,186,379.53 was observed on 13 June 2021
View metric:https://t.co/Wr0bMKQqt8 pic.twitter.com/nOPOcZmNi4
— glassnode alerts (@glassnodealerts) June 19, 2021
An increase in the ETH exchange balance in the near future may lead to a more significant drop in the value of the altcoin.
Last week, another 187,000 coins entered the trading floors – this is an alarming signal for cryptocurrency holders. If capital goes from altcoins to bitcoin in the coming days, then ETH could fall to $ 1,800, Crypterium analysts predict.
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