MarketPR
Glassnode data show that the share of $ETH supply sitting on a gain of more than 300% peaked below 30% this cycle — a threshold the previous two bull markets both cleared on their way past 50%.
The current reading stands at 11%, a level not seen since February 2017 and worse than anything recorded in either the 2019 or 2022 bear markets.
The gap is not just a story about the recent drawdown; it reflects a structurally shallower markup across the entire cycle.
A Bull Run That Never Matched Prior Cycles on Profitability The metric Glassnode tracks is the share of circulating ETH supply that has appreciated more than 3x from its cost basis.
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