Bearish Sign? ETH Addresses Holding Over 1,000 Coins Plunge to a 5-Year-Low

Despite Ether’s significant price rally since the beginning of the year, there has been an evident downtrend in terms of investors holding over 1,000 ETH. 

Based on a Glassnode analysis, the total number of Ethereum addresses owning 1,000 or more ETH has dropped to a 5-year-low of 6,082. 

In comparison, there were over 8,000 such wallets in 2019 when the US dollar valuation of the second-biggest cryptocurrency by market capitalization was hovering between $100 and $300.

#Ethereum $ETH Number of Addresses Holding 1k+ Coins just reached a 5-year low of 6,082

View metric:https://t.co/iDNXAbbLRt pic.twitter.com/gmGccZb3e5

— glassnode alerts (@glassnodealerts) September 19, 2023

The most recent figures could signal that large ETH investors have dumped some of their holdings in the past several months, while others are not quite certain about a potential price expansion and prefer not to increase their possessions beyond that level.

According to a Matrixport analysis (reported by CryptoPotato), Ether is poised for a decline in the near future based on several factors, such as FTX’s creditors plan to sell billions in crypto assets, including ETH.

The former crypto behemoth holds at least $90 million worth of the coin Injecting that amount into the market could trigger a supply shock, possibly pushing the price south.

The overall number of Ethereum addresses in profit has also fallen lately. Its most current level was approximately 53.5% or an 8-month-low.

The post Bearish Sign? ETH Addresses Holding Over 1,000 Coins Plunge to a 5-Year-Low appeared first on CryptoPotato.