The ETH data you wanted is here.....
Seems like it’s been a while since we talked about ETH. This round I only bought BTC and didn’t buy ETH—but that doesn’t mean I’m bearish on it. On the contrary, up to now, ETH remains the strongest mainstream asset in terms of consensus, second only to BTC.
This isn’t something I’m saying—it’s proven by the actions of ETH investors.
ETH’s current price ($1,900) is down -60% from its peak, which is significantly less than the -80% drawdown in the previous cycle.
But the holdings of the Conviction Buyers are already as high as 3,142w ETH, far exceeding the 1,950w枚 at the bottom of the last bear cycle—and it’s also a historical high.
This shows that no matter how many people FUD it on X, or even how aggressively they call it trash, it doesn’t affect that group of steadfast investors. When the price drops, they keep adding to their ETH.
At the same time, the total number of coins held by the Loss Sellers and Profit Takers is also clearly lower than at the bottom phases of the previous two cycles.
Whether they still have the willingness to keep selling or not, the amount of sellable supply left isn’t much anymore. Most of the coins aren’t even participating in turnover.
Finally, there’s a peculiar phenomenon we can’t ignore:
ETH’s Herfindahl index has already surpassed the level from the period when it first emerged in early 2015. This indicates that ETH’s token concentration is getting higher—certain large account clusters are monopolizing the supply.
This started in November 2024. Before that, ETH spent 9 years following a path of decentralizing and dispersing its holdings. Now, in the opposite direction, it has surpassed that benchmark in just 2 years.
So whether ETH in the next cycle will “cause trouble,” unleash extraordinary energy, or whether it will continue to stay soft and sluggish—honestly, it’s hard to say.
But based on the combined data, the bottom characteristics shown earlier at the $1,500 low were very clear. I remember that in the last cycle, ETH bottomed a full 5 months earlier than BTC. Maybe this time it will be similar?
Seems like it’s been a while since we talked about ETH. This round I only bought BTC and didn’t buy ETH—but that doesn’t mean I’m bearish on it. On the contrary, up to now, ETH remains the strongest mainstream asset in terms of consensus, second only to BTC.
This isn’t something I’m saying—it’s proven by the actions of ETH investors.
ETH’s current price ($1,900) is down -60% from its peak, which is significantly less than the -80% drawdown in the previous cycle.
But the holdings of the Conviction Buyers are already as high as 3,142w ETH, far exceeding the 1,950w枚 at the bottom of the last bear cycle—and it’s also a historical high.
This shows that no matter how many people FUD it on X, or even how aggressively they call it trash, it doesn’t affect that group of steadfast investors. When the price drops, they keep adding to their ETH.
At the same time, the total number of coins held by the Loss Sellers and Profit Takers is also clearly lower than at the bottom phases of the previous two cycles.
Whether they still have the willingness to keep selling or not, the amount of sellable supply left isn’t much anymore. Most of the coins aren’t even participating in turnover.
Finally, there’s a peculiar phenomenon we can’t ignore:
ETH’s Herfindahl index has already surpassed the level from the period when it first emerged in early 2015. This indicates that ETH’s token concentration is getting higher—certain large account clusters are monopolizing the supply.
This started in November 2024. Before that, ETH spent 9 years following a path of decentralizing and dispersing its holdings. Now, in the opposite direction, it has surpassed that benchmark in just 2 years.
So whether ETH in the next cycle will “cause trouble,” unleash extraordinary energy, or whether it will continue to stay soft and sluggish—honestly, it’s hard to say.
But based on the combined data, the bottom characteristics shown earlier at the $1,500 low were very clear. I remember that in the last cycle, ETH bottomed a full 5 months earlier than BTC. Maybe this time it will be similar?