ETH supply in 3x+ profit hits 11%, lowest since Feb 2017

The share of Ethereum supply sitting at more than three times its cost basis has fallen to 11%, the lowest reading since February 2017, according to Glassnode on-chain data. The figure marks a significant compression in ETH's profitability profile relative to prior market cycles.

Why it matters

In both the 2017-2018 and 2020-2021 cycles, the cohort of ETH holders sitting at 3x or greater profit exceeded 50% of total supply at the respective cycle peaks. In the current cycle, that threshold was never reached — meaning the broad base of deeply profitable supply that characterised prior bull markets simply did not materialise this time. That structural difference matters for how the market reads cycle health: the absence of a large, highly profitable cohort reduces the potential overhead supply from profit-taking, but it also signals that the cycle's upside was more narrowly distributed than historical norms.

Market impact

A reading of 11% places ETH's current profitability distribution at a historically subdued level, one last seen before the 2017 bull run had fully developed. For traders and on-chain analysts, the compressed profitability profile suggests that a meaningful portion of ETH supply is either at cost or underwater, which can dampen sell-side pressure in the near term but also reflects the muted price appreciation relative to prior cycles. Watching whether this cohort begins to rebuild — or continues to shrink — will be a key structural signal for ETH's next directional move.

Source: [Just a moment...](https://studio.glassnode.com/charts/breakdowns.SupplyByPnlRelative?a=ETH&s=1453161600&u=1780876800&zoom=)