- For every loss-making transfer on the network, about 2.3 transfers were found to be profitable.
- All ETH holders were realizing gains over 20% on their investments on average.
Ethereum [ETH] broke through $3,300 as bullish momentum into the world’s second-largest cryptocurrency continued to propel it upwards. At press time, ETH was up 2.61% in the 24-hour period, and more than 12% over the week, according to CoinMarketCap.
Profitability highest since November
With the price boom, most of the traders were making profits on their transactions. According to blockchain analytics firm Santiment, Ethereum’s on-chain profit/loss ratio in the last week was at a three-month high.
For every loss-making transfer on the network, about 2.3 transfers were found to be profitable.
The percentage of total supply in profit exceeded 93% as of this writing. On a rising curve, this level was last seen during August 2021, three months before ETH hit all-time highs (ATH).
Moreover, on an average, all ETH holders were realizing gains over 20% on their investments, as evidenced by the 30-day MVRV Ratio. Typically, the more the ratio increases, the more likely traders have historically demonstrated their willingness to sell.
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Author: Aniket Verma
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