Surge in Profitable Ethereum Transactions
Skip to content
AZC.News
en EN
BTC Coin BTC
7.66%
ETH Coin ETH
5.06%
USDT Coin USDT
-0.02%
BNB Coin BNB
3.59%
SOL Coin SOL
13.90%
XRP Coin XRP
1.80%
USDC Coin USDC
-0.01%
ADA Coin ADA
8.93%
DOGE Coin DOGE
32.68%
AVAX Coin AVAX
4.77%
BTC Coin BTC
7.66%
ETH Coin ETH
5.06%
USDT Coin USDT
-0.02%
BNB Coin BNB
3.59%
SOL Coin SOL
13.90%
XRP Coin XRP
1.80%
USDC Coin USDC
-0.01%
ADA Coin ADA
8.93%
DOGE Coin DOGE
32.68%
AVAX Coin AVAX
4.77%
Search...
Home > News
Published: 29/02/2024
-
Author: Leexim
Surge in Profitable Ethereum Transactions
On average, ETH investors were reaping profits exceeding 20% on their holdings.
Azcnews Eth
Table of Contents
Ethereum (ETH) surged past the $3,300 mark, riding a strong bullish wave that continued to propel the world’s second-largest cryptocurrency upward. As of the latest update, ETH recorded a 2.61% increase in the 24-hour period and a remarkable 12% surge over the week, as reported by CoinMarketCap.
Profitability highest since November
The recent price surge translated into substantial profits for most traders. Santiment, a blockchain analytics firm, revealed that Ethereum’s on-chain profit/loss ratio reached a three-month high in the past week. Notably, for every loss-making transaction on the network, approximately 2.3 transactions were identified as profitable. The current percentage of total supply in profit surpassed 93%, reminiscent of the levels observed in August 2021, three months prior to ETH’s previous all-time highs.
Ethereum profitable on-chain transfers
Source: Santiment
Further analyzing the data, the 30-day MVRV Ratio indicated that, on average, all ETH holders were enjoying gains exceeding 20% on their investments. While an increasing MVRV Ratio historically signaled traders’ willingness to sell, the MVRV Long/Short Difference indicator suggested that long-term holders were realizing higher profits compared to their short-term counterparts.
Ethereum network profitability
Source: Santiment
Be mindful of pullbacks
This scenario painted a compelling picture, suggesting that steadfast long-term holders, often referred to as “diamond hands,” might opt to wait for prices to reach and surpass previous all-time highs before considering distribution.
Ethereum MVRV Ratio
Source: Santiment
Related: Ethereum’s Dencun Upgrade Set to Launch March 13
Stay vigilant for potential pullbacks amid Ethereum’s bullish momentum. Despite the upward surge, it’s crucial to be aware of possible corrections.
The total amount of ETH held on exchanges has consistently risen since the beginning of 2024, while the supply outside exchanges has stabilized. Typically, this dynamic indicates an increase in short-term sell pressure. During such corrections, consider seizing the opportunity to buy the dip.
Ethereum's supply on exchanges
Source: Santiment
Looking ahead, the Ethereum community is gearing up for the anticipated Dencun Upgrade, designed to decrease transaction fees on layer-2 (L2) chains. As outlined in a recent blog post by the Ethereum Foundation, the upgrade has successfully been implemented on all testnets and is scheduled for a mainnet launch on March 13th. Despite potential fluctuations, supporters remain confident in an extended bullish market, with the Dencun Upgrade serving as a significant catalyst.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Read Less
0.0/5
Love
Leave a Reply
Your email address will not be published. Required fields are marked *
Comment *
Twitter
Telegram
Name *
Save my name, email, and website in this browser for the next time I comment.
LATEST
Azcnews Breaking (20)
News 29/02/2024
Binance Lists Portal (PORTAL) on Binance Launchpool
Cryptocurrency exchange Binance announces the listing of its 47th launchpool project, named Portal (PORTAL). Details can be found here!
Azcnews Breaking (19)
News | Altcoin | Editor Choice | Research 29/02/2024
What is Portal? Information about PORTAL Token?
What is the Portal project? Is the PORTAL token promising for investment? Let's find out together with AZC.News in the article below!
Azcnews Usa Bitcoin (2)
News | Bitcoin | Editor Choice 29/02/2024
Bitcoin Adjusts as US Government Moves $1 Billion in BTC
Following a momentary dip below the $60,000 mark, Bitcoin swiftly rebounded, poised for a resurgence beyond its previous record peaks.
Azcnews Breaking (18)
Airdrops | Altcoin | Editor Choice | News 29/02/2024
Get $20,000 with Trade AI on BingX
BingX cryptocurrency exchange introduces the Trade AI rewards program, featuring a prize pool of up to $20,000. Details can be found here!
Azcnews Breaking1
News | Altcoin | Editor Choice 29/02/2024
TABOO TOKEN Will Be Listed on BingX Spot
Cryptocurrency exchange BingX announces the listing of Taboo Token, scheduled to be listed on March 1, 2024. Read the details here!
Top views
1
OKX to List QnA3.AI’s GPT Token on its Spot Market
2
Vitalik Proposes Open-Source Fix for Elon Musk’s Dilemma
3
Bitcoin Surges to $59,000 Ahead of Halving Event
4
Bitcoin Hits $60,000 Mark Driven By ETF Inflows
5
SEC Appeals for Extension in XRP Lawsuit Remedies Briefing Schedule
6
Analyst Forecasts Bitcoin to Reach $100,000 by 2024
7
What is QNA Token? QnA3 Integrated AI Technology DApp
8
Bitcoin Price Could Reach $200,000 Next Year
9
Analyst Predicts Potential Upsurge for XRP
10
SOL Price Plummets, Buy the Dip OpportunitySkip to content
AZC.News
en EN
BTC Coin BTC
7.66%
ETH Coin ETH
5.06%
USDT Coin USDT
-0.02%
BNB Coin BNB
3.59%
SOL Coin SOL
13.90%
XRP Coin XRP
1.80%
USDC Coin USDC
-0.01%
ADA Coin ADA
8.93%
DOGE Coin DOGE
32.68%
AVAX Coin AVAX
4.77%
BTC Coin BTC
7.66%
ETH Coin ETH
5.06%
USDT Coin USDT
-0.02%
BNB Coin BNB
3.59%
SOL Coin SOL
13.90%
XRP Coin XRP
1.80%
USDC Coin USDC
-0.01%
ADA Coin ADA
8.93%
DOGE Coin DOGE
32.68%
AVAX Coin AVAX
4.77%
Search...
Home > News
Published: 29/02/2024
-
Author: Leexim
Surge in Profitable Ethereum Transactions
On average, ETH investors were reaping profits exceeding 20% on their holdings.
Azcnews Eth
Table of Contents
Ethereum (ETH) surged past the $3,300 mark, riding a strong bullish wave that continued to propel the world’s second-largest cryptocurrency upward. As of the latest update, ETH recorded a 2.61% increase in the 24-hour period and a remarkable 12% surge over the week, as reported by CoinMarketCap.
Profitability highest since November
The recent price surge translated into substantial profits for most traders. Santiment, a blockchain analytics firm, revealed that Ethereum’s on-chain profit/loss ratio reached a three-month high in the past week. Notably, for every loss-making transaction on the network, approximately 2.3 transactions were identified as profitable. The current percentage of total supply in profit surpassed 93%, reminiscent of the levels observed in August 2021, three months prior to ETH’s previous all-time highs.
Ethereum profitable on-chain transfers
Source: Santiment
Further analyzing the data, the 30-day MVRV Ratio indicated that, on average, all ETH holders were enjoying gains exceeding 20% on their investments. While an increasing MVRV Ratio historically signaled traders’ willingness to sell, the MVRV Long/Short Difference indicator suggested that long-term holders were realizing higher profits compared to their short-term counterparts.
Ethereum network profitability
Source: Santiment
Be mindful of pullbacks
This scenario painted a compelling picture, suggesting that steadfast long-term holders, often referred to as “diamond hands,” might opt to wait for prices to reach and surpass previous all-time highs before considering distribution.
Ethereum MVRV Ratio
Source: Santiment
Related: Ethereum’s Dencun Upgrade Set to Launch March 13
Stay vigilant for potential pullbacks amid Ethereum’s bullish momentum. Despite the upward surge, it’s crucial to be aware of possible corrections.
The total amount of ETH held on exchanges has consistently risen since the beginning of 2024, while the supply outside exchanges has stabilized. Typically, this dynamic indicates an increase in short-term sell pressure. During such corrections, consider seizing the opportunity to buy the dip.
Ethereum's supply on exchanges
Source: Santiment
Looking ahead, the Ethereum community is gearing up for the anticipated Dencun Upgrade, designed to decrease transaction fees on layer-2 (L2) chains. As outlined in a recent blog post by the Ethereum Foundation, the upgrade has successfully been implemented on all testnets and is scheduled for a mainnet launch on March 13th. Despite potential fluctuations, supporters remain confident in an extended bullish market, with the Dencun Upgrade serving as a significant catalyst.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Read Less
0.0/5
Love
Leave a Reply
Your email address will not be published. Required fields are marked *
Comment *
Twitter
Telegram
Name *
Save my name, email, and website in this browser for the next time I comment.
LATEST
Azcnews Breaking (20)
News 29/02/2024
Binance Lists Portal (PORTAL) on Binance Launchpool
Cryptocurrency exchange Binance announces the listing of its 47th launchpool project, named Portal (PORTAL). Details can be found here!
Azcnews Breaking (19)
News | Altcoin | Editor Choice | Research 29/02/2024
What is Portal? Information about PORTAL Token?
What is the Portal project? Is the PORTAL token promising for investment? Let's find out together with AZC.News in the article below!
Azcnews Usa Bitcoin (2)
News | Bitcoin | Editor Choice 29/02/2024
Bitcoin Adjusts as US Government Moves $1 Billion in BTC
Following a momentary dip below the $60,000 mark, Bitcoin swiftly rebounded, poised for a resurgence beyond its previous record peaks.
Azcnews Breaking (18)
Airdrops | Altcoin | Editor Choice | News 29/02/2024
Get $20,000 with Trade AI on BingX
BingX cryptocurrency exchange introduces the Trade AI rewards program, featuring a prize pool of up to $20,000. Details can be found here!
Azcnews Breaking1
News | Altcoin | Editor Choice 29/02/2024
TABOO TOKEN Will Be Listed on BingX Spot
Cryptocurrency exchange BingX announces the listing of Taboo Token, scheduled to be listed on March 1, 2024. Read the details here!
Top views
1
OKX to List QnA3.AI’s GPT Token on its Spot Market
2
Vitalik Proposes Open-Source Fix for Elon Musk’s Dilemma
3
Bitcoin Surges to $59,000 Ahead of Halving Event
4
Bitcoin Hits $60,000 Mark Driven By ETF Inflows
5
SEC Appeals for Extension in XRP Lawsuit Remedies Briefing Schedule
6
Analyst Forecasts Bitcoin to Reach $100,000 by 2024
7
What is QNA Token? QnA3 Integrated AI Technology DApp
8
Bitcoin Price Could Reach $200,000 Next Year
9
Analyst Predicts Potential Upsurge for XRP
10
SOL Price Plummets, Buy the Dip Opportunity
About AZC.News
About Us
Contact Us
Advertise
Terms of Services
Market
Analytics
Top Crypto Exchange
Top Cryptocurrency
Knowledge
Research
Glossary
Earn
Airdrop
Social Community
Copyright 2024 © AZ Coiner
About AZC.News
About Us
Contact Us
Advertise
Terms of Services
Market
Analytics
Top Crypto Exchange
Top Cryptocurrency
Knowledge
Research
Glossary
Earn
Airdrop
Social Community
Copyright 2024 © AZ Coiner