More than 31.86 million Ethereum addresses hold positions in profit following the token's climb above $300. This surpasses the number of Bitcoin addresses with balances. Data from Into the Block's Hi
More than 31.86 million Ethereum addresses hold positions in profit following the token's climb above $300. This surpasses the number of Bitcoin addresses with balances.
Data from Into the Block's Historical In/Out of the Money metric shows 72% of addresses with ETH holdings profit from current prices. That metric measures the acquisition cost for each address, revealing what percentage of the investor base bought below market rates.
Ethereum last traded above $300 in 2019. Many current holders accumulated positions then at discounted prices. Others entered during March's selloff, when the asset touched $100. Now that ETH trades above $315, both groups show gains.
Addresses in profit have more than doubled since July 2019. About 13.5 million holders showed gains back then. The growth reflects new investors entering the space while existing holders kept their positions.
Network activity on Ethereum surged during this period. Daily active addresses on the blockchain jumped 170% over the past seven months. Long-term holders, defined as those keeping ETH for over a year, swelled by 10 million since mid-2019.
Miners also benefited from Ethereum's momentum. As network activity picked up, users paid higher gas fees for transactions. Fee revenue as a percentage of total miner earnings has spiked. This metric had reached current levels during the third quarter of 2018, dropped to about 3% by April 2019, and has since risen to 30%.
Rising transaction volume drove the surge in fees. As more users transact on Ethereum, they bid up gas prices to prioritize transfers. Miners pocket the difference.
Ethereum developers are preparing for an upgrade to a proof-of-stake consensus model with ETH 2.0. That shift would end mining as it operates today. Before that transition, miners have recorded their highest revenue margins on record.
Ethereum's price climbed about 25% over the past seven days.
