New report suggests Ethereum holders, DeFi helping ETH from crashing below $1.7K

[Casual]

Total value locked across decentralized finance-enabled smart contracts has dipped 35% from its peak. The drop in the price of Ether (ETH) is failing to shake out the long-term holders, while the decentralized finance (DeFi) sector is also providing opportunities for investors.
So suggests a new Glassnode report that noted many long-term Ether holders (>155 days) are sitting atop profits despite ETH/USD’s 55% decline from its peak level above $4,300. In comparison, the short-term Ether holders (
“After almost hitting 46% of the market cap in unrealized gain, short-term holders are now holding an aggregate paper loss of -25% of the market cap,” Glassnode wrote. “Conversely, long-term holders remain firmly in profit, holding paper gains equivalent to around 80% of the market cap.”
Those in losses have a higher probability of liquidating their ETH holdings, added Glassnode while citing its proprietary STH-NUPL (short-term holders’ net unrealized profits-losses) indicator, which fell below zero.more