October and November have been historic not only for Ethereum, but for all altcoins. However, “historic” doesn’t necessarily automatically imply a positive development. In the case of Ethereum, this particular development is the perfect example.
Ethereum marks a new ATH…
Not in terms of price action though. Instead, it has to do with an ATH, one set thanks to its investors.
Since its all-time high of $ 4,878 10 days ago, ETH has been dropping the charts. The depreciation of 7.7% on 16 November 16 triggered many market investors significantly. And, since this was the first significant price drop in nearly 2 months, it was no surprise that investors were panicking.
The scale of the aforementioned depreciation doesn’t tell us the whole story. In fact, in just 24 hours, 4 billion coin days were destroyed as many long-term holders sold their assets. This was the biggest sell-off seen by LTHs ever due to the fear of significant losses.
As a result, this marked the ATH peak of days parts destroyed.
And, these were some pretty old coins too. More than 1.6% supply of 5 years to 7 years old coins were sold off. The days of destroyed parts also included parts that were 3 to 5 years old.
As expected, for the first time in 3 years, Liveliness shot up so significantly that it was at an all-time high. This pointed to several long-term holders liquidating their positions.
Here, it should be noted that these were only LTHs and not whales, with large trades (trades worth over $ 100,000) hovering within their average values and ranges.
Even so, the price fall did more damage than just triggering long-term holders to sell. There have been many investors who suffered losses in these 10 days.
All-time highs and lows dictate that at present, over 3.37 million addresses that bought their ETH around ATH prices are experiencing significant losses. The only people who are truly in profit are the 394k addresses who bought ETH around its all-time low prices a long time ago.
Incredibly, a good thing has come out of the aforementioned price depreciation.
Ethereum is now back in the opportunity zone after 2 months. This low risk buy zone could serve as a buyout for long term holders. Especially when new investors buy back their sold ETH.
