Over 43% of Ethereum addresses are profitable, and researchers are optimistic that Ethereum will become a new hedging tool
Editor's Note: This article comes fromNakamoto Shallot (ID: xcongapp), Odaily is authorized to publish.
Editor's Note: This article comes from
Nakamoto Shallot (ID: xcongapp)
Nakamoto Shallot (ID: xcongapp)
, Odaily is authorized to publish.
According to data from cryptocurrency analytics firm IntoTheBlock, 43% of ETH addresses are profitable as the Ethereum spot and derivatives markets have exploded. In the first two months of 2020, Ethereum rose nearly 110% against the U.S. dollar, and the market capitalization injection of $15 billion made Ethereum’s share in the cryptocurrency market expand rapidly. Against the background of Ethereum’s months-long rise, ETH spot trading volume has soared rapidly in recent weeks.
The rising market at the beginning of this year has brought huge changes in the wealth of Ethereum holders. Just 4 months ago, only a slight 0.01% of Ethereum addresses were profitable. At that time, Bitcoin’s profitable addresses accounted for 55%. %.
Ethereum has also shown similar strength to Bitcoin since the beginning of the year. The ETH/BTC trading pair is up 68% and is in the midst of its biggest uptrend since December 2018. ETH has not seen such a high price or market share since last July. At the time, ETH was at the start of a six-month bear market and fell to one of the lowest cryptocurrency market shares ever.
Futures traders seem confident in ETH’s uptrend — open interest has risen steadily across all ETH derivatives trading venues in recent months, with total open interest approaching $1 billion, up around 100% since late January . In dollar terms, Bitcoin’s open interest grew even more, reaching $2 billion.
Grayscale Ethereum Trust may be a more trustworthy indicator. Since the start of the year, Grayscale’s ETH Trust has seen assets under management increase by 170%, while the Bitcoin Trust’s assets under management have increased by 50% over the same time period.
Data shows: Ethereum is becoming a safe-haven tool against the volatility of traditional assets
