Just three weeks ago, this percentage was 94%, but it has dropped noticeably, maybe in part because of the market-wide selloff this period saw, which saw ETH’s price plummet by almost 30%. Though the percentage of ETH supply in profit is 3% less, the price of ETH at the time of writing is about 15% more than it was at the start of the year.

This could be a sign that most of the ETH supply purchased in 2024 came from the second quarter onward, in which case the price of ETH fell short of new highs exceeding $4,000. This emphasizes even more the fact that most of the ETH buyers this year have their costs below the current price of the currency.

Though this number is at its lowest point in 2024, it does not inevitably mean that most ETH holders are net in the red for the year to date either. Here’s why:

1. ETH’s price is currently 15% higher than it was at the beginning of the year; hence, those who bought earlier in the year are probably still making money.
2. Furthermore, probably still comfortably in the green are holders who bought ETH at far cheaper rates in 2023.
3. This low position does, however, imply that new buyers who bought close to the 2024 highs might be underwater on their purchases.

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