Ethereum investors have faced uncertainty as bulls and bears battle for control in recent months. With more frequent victories for the bears, Ethereum holders have seen their investments’ value dwindle, with many losing money. On-chain data tracker Glassnode Alerts on ‘X’ (formerly Twitter) recently reported an eye-opening development regarding Ethereum addresses. The number of addresses incurring losses on a 7-day moving average (MA) has soared to its highest level in history.
Ethereum Holders are Losing Money
According to Glassnode, the total number of Ethereum addresses facing losses now stands at 49,939,211.006. This surpasses the previous all-time high of 49,921,736.464 on September 15. Should the price of ETH continue to fall, this statistic will likely reach yet another unprecedented level causing Ethereum holders to lose money.
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Ethereum’s open interest in perpetual futures contracts has also suffered due to price struggles. Its value dropped to a new one-month low of $445,789,354 from its previous low of $450,965,900 on September 13. Accumulation among mid-sized investors appears to be decreasing, with Glassnode noting a plunge in the number of addresses holding at least 10 ETH to a 3-month low of 347,825, a recipe for Ethereum holders losing money.
The trend has not spared small investors either. A metric tracking the number of Ethereum addresses holding a minimum of 0.1 ETH has also exhibited a decline in recent months, leading to a 5-month low of only 5,120,950 accounts with 0.1+ ETH.
Vitalik Buterin’s transactions with centralized exchanges have also added to concern among Ethereum investors. This means that Ethereum holders who continue to hold onto the asset against market forces will continue to lose money.
