After enduring months of market instability, Ethereum (ETH) investors are experiencing a significant reversal, with a large majority of holders now back in profit. This marks a pivotal shift in the cryptocurrency’s market trajectory.
On-chain data confirms this resurgence in profitability across the Ethereum network. According to blockchain analytics firm Sentora, approximately 60% of Ethereum wallets currently hold tokens at a profit, a sharp rise from just 32% in April. This development effectively halts a downtrend that began in late 2023, which saw profit margins erode as ETH prices declined.
Sentora’s “In/Out of the Money” indicator, which gauges profitability by comparing acquisition costs to current spot prices, reveals the extent of these changes. The firm noted that Ethereum has not seen such dramatic swings in investor profitability since the 2017 market cycle.
Key Valuation Benchmarks Reclaimed
Supporting these observations, data from blockchain intelligence provider Glassnode indicates that ETH has successfully recovered important valuation thresholds. The asset has moved above its realized price—the average network cost basis—currently near $1,900. It has also surpassed the true market average of $2,400, which adjusts for inactive supply.
The final significant hurdle for a full recovery among active market participants is the active realized price, positioned at approximately $2,900. With most holders now profitable and crucial on-chain levels re-established, Ethereum’s recent price ascent appears to be more fundamentally sound than previous attempts.
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