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Ethereum is having difficulty keeping its richest investors in line as its native token, Ether (ETH), hints at logging more losses in the near term.

Blockchain data analytics service Glassnode revealed that the number of Ethereum addresses holding at least 1,000 ETH dropped to 6,292 this Monday, the lowest reading since April 2017. At its year-to-date peak, the numbers were 7,239 in January.

Number of Ethereum addresses with balance of at least 1,000 ETH. Source: Glassnode
Number of Ethereum addresses with a balance of at least 10,000 ETH. Source: Glassnode
Number of Ethereum addresses with a balance of at least 0.1 ETH. Source: Glassnode
ETH/USD daily price chart featuring falling wedge. Source: TradingView
ETH/USD daily price chart featuring falling wedge targets. Source: TradingView
ETH/USD three-day price chart. Source: TradingView, Pentoshi

Italian luxury sports car manufacturer Ferrari (NYSE:RACE) is moving into the blockchain industry by inking a partnership with Swiss blockchain startup Velas Network.

Ferrari officially announced Monday that it had signed a multi-year agreement with Velas to jointly issue “exclusive digital content” for the Scuderia’s fans. Velas will also be the main sponsor for Ferrari Esports Series, the online series competing in the F1 Esports Series, the official digital championship including all teams participating in the FIA Formula 1 World Championship.

Crypto exchange Huobi’s research arm, Huobi Research, has identified a rising interest in blockchain gaming as a direct impact from GameFi initiatives. GameFi implies the use of decentralized finance (DeFi) and blockchain gaming that incentivizes users based on a play-to-earn model.

According to Huobi Research, on-chain data suggests that GameFi initiatives have seen a steep increase since June 2021, owing to a sizable reduction in transaction costs and improved user experience.

Ways that GameFi reduces transaction fees. Source: Huobi Research
Changes in CryptoKitties daily active users and trading volume. Source: DappRadar, Huobi Research