Ethereum addresses in profit now exceed the total number of addresses with a Bitcoin balance

With the recent rise in the price of Ethereum over $ 300, there are now more beneficial ETH addresses than the total number of addresses holding any number of Bitcoin. Accordingly, the total number of profitable ETH addresses is 31.86 million, while the total has a Bitcoin balance of 30.83 million.

Now more ETH addresses in profit than the total number of addresses holding any amount of Bitcoin

The last time Ethereum was valued at over $ 300 was a year ago and the on-chain metrics have improved a lot since then. A report from The Defiant indicates that there were millions of newly uploaded addresses when ETH was priced below $ 300. Many of them made less than $ 200 when assets fell to lows in March and April.

In July 2019, when the ETH price reached a level similar to the current price, only 13.5 million addresses, or less than 50%, were making a profit. The figures have been derived from a Historical In/Out of the Money (HIOM) indicator which analyzes on-chain positions based on the average token cost for a given address. The number of Ethereum ‘hodlers’, or those holding the asset for over a year, has also increased by 10 million over the past twelve months.

Another solid foundation for Ethereum’s growing use cases is the amount of tokenized Bitcoin online. Tokenizing, or wrapping, Bitcoin enables the asset to be used in decentralized finance and with applications that are based on Ethereum and the ERC-20 standard. With the explosive growth of DeFi and yield farming opportunities, BTC holders have not wanted to miss out on the action.

Tokenized or bundled, Bitcoin allows assets to be used in decentralized finance and with Ethereum-based applications and the ERC-20 standard. With DeFi’s explosive growth and bringing farming opportunities, BTC holders did not want to miss this action.

As a result, there are currently more than 20,000 BTC encrypted on Ethereum. The figure is equivalent to a value of $ 223 million BTC with today’s price according to btconethereum.com. As developer Josh Stark posted, that number of Bitcoins is 20 times more locked than Lightning and 8 times more than in Blockstream’s Liquidstream.

As DeFi continues to grow, it is likely that the number of encrypted Bitcoin will increase.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS