Why Ethereum Faces Pressure Despite Record On-Chain Profits
The post Why Ethereum Faces Pressure Despite Record On-Chain Profits appeared on BitcoinEthereumNews.com.
Ethereum (ETH) is showing increasing signs of selling pressure as a record number of wallet addresses move into profit. The asset has already dipped below $4,500, with some analysts expecting further correction, while others maintain an optimistic long-term outlook for ETH. Ethereum Whales Begin Profit-Taking Amid Historic Profitability Levels Sponsored Sponsored According to Glassnode data, the number of ETH addresses in profit reached an all-time high of over 155 million in September. “ETH addresses in profit hit highest in history! Over 155 million ETH wallets are now in profit, marking the fastest rate ever,” Coin Bureau noted. Ethereum Addresses in Profit. Source: Glassnode This record highlights the asset’s long-term strength and broad investor participation. Yet, it also raises the risk of short-term volatility as elevated profitability often precedes sell-offs. On-chain activity appears to reflect this risk. Lookonchain, a blockchain analytics firm, reported that Trend Research transferred 16,800 ETH, valued at approximately $72.88 million, to Binance. This move has fueled speculation of a shift in outlook, with some viewing it as preparation for sales amid secured profits. “Is Trend Research About to Start Selling ETH Again? The ETH just transferred out is part of the 43,377 ETH they purchased in early September. After buying in early September, they held a total of 152,000 ETH, with an average cost of about $2,869,” analyst EmberCN added. Sponsored Sponsored Profit-taking was also seen among other whales. Address (0xB04) sold 3,000 ETH for $13.14 million. Despite the sale, the whale still holds 9,804.32 ETH, worth around $42.57 million. Derivatives markets reinforce the bearish sentiment. According to an analyst, ETH traders on Binance have turned sharply negative. The Taker Buy/Sell ratio dropped below 0.87 on September 19. “This marks only the third time this year it has fallen so low. Back in January and February, the…
