New data from market analysis firm IntoTheBlock shows that more than 90% of Ethereum (ETH) holders are now in the green.
In a new thread on the social media platform, the crypto intelligence platform say The second largest digital asset by market capitalization is unlikely to feel selling pressure from those experiencing losses as they hold less than 3% of the total supply of the crypto asset.
“90.8% of ETH holders are now making profits, the highest since June. Interestingly, the 9.2% of holders still making losses hold only 2.8% of the total supply. This suggests that the potential selling pressure from this group may have limited impact as ETH continues to rise.”
The top altcoin is trading at $3,547 at the time of writing, down marginally over the past 24 hours.
IntoTheBlock then notes that the month of November has seen the highest amount of net outflows of stablecoins from exchanges since April, indicating that traders are taking profits and saving them to re-enter the market at a later date.
“November recorded the highest net outflow of stablecoins from exchanges since April. This, combined with strong price performance, suggests traders are holding on to their gains. These funds will likely be deployed into altcoins or held in reserve for future dips.”
According to IntoTheBlock, Tether (USDT) – the most popular stablecoin in the world – was recently launched surpassed a market capitalization of $130 billion and recorded just under 24.1 million transactions, setting a new record.
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