Ethereum Supply in 3x Profit Hits 11%, Never Crossed 30% Mark This Cycle

According to on-chain analytics firm Glassnode, Ethereum's share of supply carrying a gain exceeding 300% has recently hit just 11%, a level not seen since February 2017. Notably, the metric never broke the 30% threshold during the current bull run, falling far short of the 50% mark reached in the 2019 and 2022 cycles. Glassnode noted that "ETH's profitability profile has fundamentally compressed relative to prior cycles."

Separately, Santiment's 30-day Market Value to Realized Value (MVRV) Ratio showed Ethereum buyers from the past month are sitting at -12% losses, with Bitcoin at -10%, indicating significant selling pressure as weak hands capitulate.