In a significant development in cryptocurrency, Ethereum ($ETH) has recently hit a major milestone. The number of Non-Zero Addresses on the Ethereum network has surged to an all-time high (ATH) of 105,908,469. This notable achievement underscores the growing popularity and adoption of Ethereum in the crypto space.
Ethereum, often called the world’s second-largest cryptocurrency after Bitcoin, has recently made headlines due to its impressive network growth. The surge in Non-Zero Addresses is a key indicator of the network’s increasing user base and activity. Each Non-Zero Address represents a unique user or entity interacting with the Ethereum blockchain, emphasizing the platform’s widespread utility.
However, another statistic has caught the crypto community’s attention amid celebrating this remarkable milestone. The number of Addresses in Profit on Ethereum, as measured by the 7-day Moving Average (MA), has hit a 5-month low, standing at 56,084,623.750. This metric suggests that many Ethereum addresses are experiencing losses or are less profitable than in recent months.
Ethereum Is Losing Favour With Institutional Investors
Amid this development, stats now show that as of the end of 2023, institutional investors have sold out nine figures’ worth of Ethereum. The second-largest cryptocurrency by market cap has seen $4.8 million in withdrawals this past week, bringing its total sales for 2023 to $108 million. That makes it the most widely traded digital asset, as stated by CoinShares’ director of research James Butterfill.
According to the analyst, it is the “least loved digital asset” among ETP investors, with about $50 million less in value than the runner-up, Tron. According to CoinShares, the volatility experienced by Ethereum this year is shared by many other digital currencies. According to their report, institutional investors continue to have a negative outlook on cryptocurrency purchases. It had outflows for the fourth week totaling $59 million.
