Ethereum’s recovery has restored profitability unevenly across exchange-linked cohorts, leaving price between two distinct cost-basis levels.

The realized price of Binance user deposit addresses stands near $2,200, compared with approximately $2,700 for OKX. With ETH trading around $2,350–$2,400 in the chart, the Binance-linked cohort retains a modest aggregate profit cushion, while the OKX-linked cohort remains underwater.

This $500 gap reveals different incentives beneath the same price action. A pullback toward $2,200 would erode the remaining profitability of the Binance-linked cohort. A recovery toward $2,700 would bring the OKX-linked cohort closer to breakeven, potentially giving holders an opportunity to reduce exposure after spending time at a loss.

The latest rebound reached the vicinity of the OKX cost basis before retreating. That is consistent with potential breakeven selling, although the chart alone cannot establish who sold or whether those sales drove the rejection.

The recovery therefore remains incomplete across these cohorts. ETH has moved above one on-chain cost benchmark but has yet to establish sustained acceptance above the other.

Holding the Binance reference through another pullback would strengthen the recovery thesis. Reclaiming and holding above the OKX reference would extend the improvement to both cohorts. A sustained break below $2,200 would instead place both underwater, broadening the potential pressure on holders.

Written by MorenoDV_