Optimism active addresses close to four month peak, OP traders reduce their holdings at unrealized losses. OP holders have realized over $7 million in losses in July, per Santiment data. OP could extend losses by 8.5% and collect liquidity at November 9 low of $1.379. Optimism , an Ethereum scaling token is poised for nearly 9% correction as on-chain metrics turn bearish. While the number of active addresses hit a near four month peak, per Santiment data, OP traders are realizing losses.
However, when combined with Network Realized Profit/Loss, a metric used to identify the net profit/loss of all traders on a given day. OP traders have realized over $7 million in losses in July, per Santiment data. Typically, OP traders shedding their asset holdings, combined with rising address activity is bearish for the scaling token. Unless OP traders capitulate, that is, distribute their token holdings at a sizable loss for a prolonged period of time, it is bearish for OP price.
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