According to Glassnode data, the share of Ethereum (ETH) supply sitting at profits greater than 300% has fallen to just 11%, its lowest level since February 2017.
The decline suggests that fewer holders are still sitting on massive gains from previous market cycles, following years of volatility and supply redistribution among investors.
The metric also reflects a reduction in unrealized profits across the network compared to prior bull-market peaks, potentially indicating a more mature market structure with fewer extreme profit positions than in Ethereum's early growth years.