Glassnode data shows roughly 54 million ETH is currently held at an unrealized loss, matching the deepest supply-in-loss reading since November 2022.
That November 2022 reading coincided with the post-FTX collapse, which bottomed Ethereum out near $1,100 before a multi-year recovery took hold.
The Glassnode ETH Supply in Loss metric tracks tokens purchased above the current market price, providing a gauge of how much of the circulating supply is sitting at a paper loss.
Most of the underwater supply today traces back to Ethereum’s August 2025 peak near $4,950, when buyers accumulated heavily at prices far above current levels.
In November 2022, ETH sell pressure largely exhausted itself before Ethereum’s subsequent recovery over the following years, a pattern that some analysts now view as a potential precedent.
The current reading does not guarantee a repeat of that recovery, but it places today’s loss profile in the same territory as that historic capitulation point.
Bitmine chairman Tom Lee has been buying directly into this setup, arguing that price weakness does not reflect improving network fundamentals for Ethereum.
At 5.62 million tokens, worth approximately $9.66 billion, Bitmine is by far the largest corporate ETH holder and has been accumulating through one of the deepest supply-in-loss readings on record.
Whether Ethereum is on the verge of bottoming this cycle or simply passing a milestone on the way lower remains an open question that only time will resolve.
Ethereum as a network is widely considered significantly more developed today than it was in 2022, with expanded infrastructure, greater adoption, and deeper liquidity across decentralized applications.
If the 2022 analogy holds at all, Ethereum’s current network strengths could mean any recovery from this level carries more durable momentum than the previous cycle’s rebound did.
