ETH Losses Mount as Market Volatility Persists
As the crypto market continues to experience heightened volatility, around 53% of Ethereum (ETH) addresses are currently in the red, grappling with losses amid challenging conditions.
Recent data shared by CryptoRank on X revealed that less than half of Ethereum holders are currently profitable, with only 47% of addresses showing gains at the current market price of $1,900. In stark contrast, Bitcoin boasts 86% of its holders in profit, showcasing a more stable performance compared to Ethereum. Meanwhile, Bitget Token (BGB) stands out with an impressive 95% of its holders currently enjoying profits.
ETH's price struggle has been evident over the past year, with a significant 52.8% drop, culminating in a steady decline since December 2024. The altcoin saw a further decline to levels not witnessed since late 2023, triggering a sell-off frenzy as traders moved to mitigate losses. Notably, Ethereum whales offloaded substantial ETH holdings to avoid liquidations, as reported by BeInCrypto earlier.
Not only has ETH faced challenges in its price performance, but Ethereum exchange-traded funds (ETFs) have also experienced consistent withdrawals, totaling $21.5 million net outflow on March 11th. Despite these setbacks, Ethereum co-founder Joseph Lubin remains optimistic, viewing the recent shakeup as an opportunity for decentralized protocols like Ethereum to flourish in the evolving landscape.
While recent political developments have injected a sense of optimism into the market, Ethereum saw a marginal 0.12% increase in the past 24 hours, reaching $1,899. Furthermore, the decreasing supply of Ethereum on exchanges suggests a reduction in sell pressure, potentially paving the way for future growth.
As analysts foresee a potential short squeeze, the crypto community awaits to see if Ethereum can turn the tide and embark on a path towards recovery. The coming months present a critical juncture for Ethereum and the broader crypto space, with stakeholders monitoring trends closely for signs of sustained growth.