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ilham_BNB
The ETH Data You Wanted Is Here š
Itās been a while since I talked about $ETH.
This cycle, Iāve only bought $BTC, but that doesnāt mean Iām bearish on Ethereum. In my view, ETH remains the mainstream crypto asset with the strongest consensus after BTC.
And the on-chain data is interesting.
At around $1,900, ETH is roughly 60% below its previous peak, compared with an approximately 80% drawdown during the previous cycle.
More importantly, conviction holders are reportedly holding around 31.42M ETH, far above the 19.5M seen around the previous bear-market bottom ā and reportedly the highest level on record.
That suggests long-term holders are continuing to accumulate despite negative sentiment.
At the same time, the amount of ETH held by loss sellers and profit takers appears significantly lower than at previous cycle bottoms, suggesting less supply is actively circulating.
But thereās another development worth watching:
ETHās supply concentration has increased significantly.
The Herfindahl index has reportedly risen above its early-2015 level, indicating that a larger share of ETH is concentrated among certain major account clusters.
That doesnāt automatically mean bullish or bearish ā but it is a structural change worth monitoring.
So will ETH explode in the next cycle, or continue to underperform?
Honestly, itās too early to know.
But the current data does show several characteristics associated with historical accumulation zones.
One thing Iāll be watching closely is whether ETH repeats its previous-cycle pattern of establishing a major bottom before BTC.
Maybe this time will be different.
Maybe it wonāt.
Either way, ETH is becoming too important to ignore.
$ETH $BTC #Ethereum #Bitcoin #Crypto
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