Ethereum has been at the forefront of the crypto market recovery in recent times. This is because the price of Ethereum has gone up after an important update regarding the upcoming merger, and the market has recovered in kind. The price of ETH quickly grew to a one-month high and saw its value cross $1,700. No doubt, this has put a large number of ETH investors ahead of the curve when it comes to profit.
ETH profitability growth
Ethereum saw its profitability drop after the market crash that rocked June. For the first time in a year, the percentage of Ethereum owners who were earning a profit has halved, causing intense selling pressure in the market. However, the recovery will come just as quickly as the crash, and the majority will turn to profit again.
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This is 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 have a total of 57% at the time of writing. It came with increased confidence in the cryptocurrency as only 41% of all holders are currently experiencing a loss, with 2% temporarily sitting in neutral territory.
Another interesting metric regarding a digital asset is the number of long-term asset holders you are proud of. With 62% of all investors holding their coins for more than a year, this means that all those who make profits are long-term holders, once again reinforcing the belief that diamond hands get the most rewards in cryptocurrencies.
Ethereum investors win
With the price recovery, there was a lot of selling in Ethereum. This is understandable, given that investors want to take some profits after the June crash. This has led to an increase in exchange flows over the past week.
ETH falls below $1,700 | Source: ETHUSD on TradingView.com
data exchange It shows that over the past week alone, $3.2 billion in ETH flowed into exchanges compared to $2.9 billion that flowed in. This shows that there are more sellers than buyers in the current market, which explains the downtrend that has seen the price of ETH drop below $1,700.
However, it looks like the tide is starting to turn to this front, looking at ETH net flows for the past day. A total of $188 million in ETH flowed into exchanges, while $199.8 million flowed in. Not by a large margin, but it does mean that investors are starting to pile up as the price drops.
ETH is trading at $1,655 at the time of writing. It is still the second largest cryptocurrency with a market capitalization of over $200 billion.
Featured image from CoinQuora, chart from TradingView.com
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