Bearish Sign? ETH Addresses Holding Over 1,000 Coins Plunge to a 5-Year-Low

Despite Ether’s significant price rally since the beginning of the year, there has been an evident downtrend in terms of investors holding over 1,000 ETH. 

Based on a Glassnode analysis, the total number of Ethereum addresses owning 1,000 or more ETH has dropped to a 5-year-low of 6,082. 

In comparison, there were over 8,000 such wallets in 2019 when the US dollar valuation of the second-biggest cryptocurrency by market capitalization was hovering between $100 and $300.

The most recent figures could signal that large ETH investors have dumped some of their holdings in the past several months, while others are not quite certain about a potential price expansion and prefer not to increase their possessions beyond that level.

According to a Matrixport analysis (reported by CryptoPotato), Ether is poised for a decline in the near future based on several factors, such as FTX’s creditors plan to sell billions in crypto assets, including ETH.

The former crypto behemoth holds at least $90 million worth of the coin Injecting that amount into the market could trigger a supply shock, possibly pushing the price south.

The overall number of Ethereum addresses in profit has also fallen lately. Its most current level was approximately 53.5% or an 8-month-low.


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