ETH holders have started to exit their positions at a loss. Here's what some addresses are doing to counter the FUD...
. In fact, data from Santiment revealed that ETH holders have been impatient due to this and are opting to sell. Even if it means incurring losses.Santiment’s findings indicated that since 20 April, there has been a notable trend of traders moving their coins below their acquisition prices. It occurred three times more often than movements above the purchase price.A prolonged sell-off trend may potentially decrease the demand for Ethereum, which could further drive down its price.
Furthermore, selling at a loss could fuel a negative perception for Ethereum, which may lead to a loss in investor confidence and cause long-term damage to its value. If a significant number of holders continue to sell their Ethereum holdings, it could result in increased supply of the asset, further impacting its price negatively.
The hike in sell-offs of ETH was accompanied by a decline in on-chain activity. This happened due to the fact that gas prices have started to increase materially. According to Glassnode’s data, the median gas price for Ethereum just hit a 10-month high of
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