Ethereum · NewsBTC
Ethereum’s Underwater Supply Matches Post-FTX Capitulation Bottom
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Key facts
- The comparison with the post-FTX period is especially sensitive because November 2022 marked one of the harshest sentiment resets in crypto’s recent history
- This article was written by the News Desk and edited by Samuel Rae
- If Ethereum starts reclaiming key levels while supply in loss remains elevated, the setup can point to accumulation
- 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
Summary
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. 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.