Over 88% Of Chainlink Holders In The Red: IntoTheBlock’s Alarming Tweet

In a recent tweet that caught the attention of crypto enthusiasts, renowned analytics firm IntoTheBlock made a startling revelation about the current state of Chainlink (LINK) holders. 

Currently, 88%+ of #Chainlink holders are in the red, reminiscent of early 2023 levels. Is this another bottom? We'll dive deeper into other metrics for a holistic view. Stay tuned for our in-depth analysis.$LINK pic.twitter.com/IMCa9cz8AL

— IntoTheBlock (@intotheblock) June 8, 2023

According to their tweet, a staggering 88% or more of these holders find themselves in the red, harkening back to levels last witnessed in early 2023.

This observation has sparked speculation among investors and industry experts, prompting the question: could this be indicative of yet another market bottom?

Distribution Of Chainlink Holders’ Profitability

To gain a comprehensive understanding, a report examines the Global In/Out of the Money, a classification system based on the profitability of addresses at the present price.

The three groups essentially categorize addresses: addresses in profit (in the money), addresses breaking even (at the money), and addresses incurring losses (out of the money).

Delving into the numbers, it becomes apparent that only 11% of Chainlink holders currently profit from their positions. Conversely, 86% lose money, while 2% break even with investments, leaving only 12% in a favorable position.

To provide further insight, the breakeven price indicator sheds light on the distribution of addresses across these three categories. Astonishingly, a total of 112,390 addresses, accounting for approximately 17.65% of the total, have managed to realize gains or remain in profit.

On the flip side, a significant number of 510,020 addresses, constituting 80.11% of the total, are currently bearing the weight of losses. As for the remaining 14,250 addresses, or 2.24%, they find themselves in a peculiar state of neither profit nor loss – the breakeven zone.

These statistics underscore the challenging predicament faced by the majority of Chainlink holders, with a notable percentage currently grappling with significant losses.

While it remains to be seen whether this situation will persist or give way to a market reversal, investors and stakeholders will undoubtedly keep a close eye on developments in the coming days.

When it comes to Chainlink’s price analysis, as per the latest data from CoinMarketcap, the cryptocurrency is trading at $6.01, up by about 1.55% in the last 24 hours. However, the weekly chart recorded a decline of about 6.07%, indicating some market volatility.

In addition, its trading volume has witnessed a decrease of 31.90%, reaching $113,774,347, whereas the market capitalization has increased by 1.66% in the last 23 hours.