Here’s the Number of Ethereum Holders Taking Profits as ETH Rises to $3.8K

The spectacular rally of Ethereum (ETH) to the price zone of $3,700 has brought profits to a substantial part of the holders of the cryptocurrency, significantly increasing their return on investment.

According to a tweet by IntoTheBlock, 90% of market participants holding ETH are currently in profit, while the remaining 10% are in the money. No ETH holders are at a loss, at the time of writing.

90% of ETH holders in profit

Monday was an eventful trading day for ETH, as the asset surged 10% in 25 minutes, surpassing $3,150 to reach $3,450. At press time, the crypto-asset had risen to $3,790, indicating a 22% increase in the past 24 hours. This significant increase has benefited most ETH holders.

Ethereum on-chain indicators witnessed similar dynamics about two months ago, shortly after the Dencun update. However, the crypto-asset experienced a significant drop at the time. ETH fell more than 11% in a week to settle at $3,500. Regardless, around 89% of asset holders made a profit.

This time, ether is focused on news of the potential launch of Ethereum spot exchange-traded funds (ETFs) in the United States, with its highest 24-hour move in a year.

Ether ETF on the horizon

Bloomberg ETF analysts Eric Balchunas and James Seyffart raised their odds of Ether ETF approval this month from 25% to 75%, citing input from multiple sources and conversations that the Securities and Exchange Commission (SEC) of the United States could change its position on greenlighting the products. .

If Balchunas’ prediction is correct, there could be an influx of applications from potential Ether ETF issuers in the coming days.

In addition to the increased odds from ETF analysts, certain developments in the US government indicate a positive trajectory for Ether in the near term. The US House and Senate recently passed a resolution to eliminate an anti-crypto banking rule previously established by the SEC.

The resolution, which received bipartisan support from both chambers, came as a shock because President Joe Biden’s administration is widely believed to have taken an anti-crypto stance.

Meanwhile, analysts believe that ETH could reach $4,000 in a few days if the ETFs are finally approved. This move could bring the asset closer to breaking its all-time high of $4,891.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!