Ethereum’s latest drawdown has pushed a major share of ETH supply back underwater, with Glassnode data cited by market trackers showing supply held at an unrealized loss near levels last seen around the post-FTX capitulation period.
TL;DR
Glassnode’s ETH supply-in-loss metric is being watched as a capitulation signal.
The reading has been compared with the painful post-FTX bottom zone from November 2022.
A high underwater supply does not guarantee a bounce, but it can show seller exhaustion.
ETH bulls still need price confirmation before treating the setup as a durable bottom.
Ethereum Supply In Loss Moves Back Into Focus
The key data point is Glassnode’s ETH supply in loss chart, which tracks the amount of Ethereum supply held below its on-chain cost basis. When this number rises sharply, it means more coins are sitting at an unrealized loss, often after a steep market reset.
That makes the current reading important for traders watching whether Ethereum is enterin
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