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Blockchain transaction analysis platform IntoTheBlock reported that 61% of Ethereum (ETH) holders are currently making a profit.
This comes in the context of a significant decline in the price of Ethereum and other alternative digital currencies.
Ethereum has seen a drop of more than 4% in the past 24 hours, sending its price down to around $2,300.
61% of Ethereum (ETH) holders are in profit:
IntoTheBlock data shows details of Ethereum in and out since 2016.
Data shows that the percentage of Ethereum holders who are profitable has dropped sharply to 3% after the 2017 cycle, a period of significant price declines, as many investors struggled to sell their Ethereum to make a profit.
In the 2019-2020 cycle, the percentage of winning portfolios fell to less than 10% amid bearish market trends.
With the huge surge in 2021, where Ethereum peaked at $4,870, the percentage of Ethereum holders who are profitable has risen to record levels.
The chart shows that the percentage of profitable portfolios dropped to 46% during the last market downturn earlier this year.
However, with the current ratio at 61%, investors do not seem to be feeling much pressure to sell their Ethereum holdings, which could benefit the overall market performance.
Of concern to Ethereum supporters is the recent performance of the ETH/BTC trading pair, which has fallen to its lowest level in 3.5 years.
This decline indicates that Ethereum is losing momentum compared to the largest cryptocurrency, Bitcoin.
