Ramazan Eles 
Ethereum, once a beacon of hope in the cryptocurrency market, has seen its fortunes dwindle in 2024. The amount of Ethereum held at a profit has plummeted to its lowest level of the year, indicating a significant downturn for investors.
Just a few weeks ago, a staggering 94% of all Ethereum was held at a profit. However, a recent market-wide sell-off has sent Ethereum’s price tumbling by over 30%, causing a sharp decline in the percentage of profitable coins.
While Ethereum’s price is still up 15% from the beginning of the year, the percentage of the supply held at a profit is down 3%. This suggests that a large portion of Ethereum purchased in 2024 was acquired during the second quarter when prices failed to break above the $4,000 mark.
The current Ethereum price indicates that many of this year’s buyers have an average purchase price above the current market value, potentially putting them at a loss. However, it’s important to note that not all Ethereum holders are in the red. Investors who purchased Ethereum in 2023 at much lower prices are still sitting on substantial gains.
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