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The ETH Data You Wanted Is Here 👀 It’s been a while since I talked about $ETH. This time, I only bought $BTC, but that doesn’t mean I’m bearish on Ethereum. ETH remains, in my view, the mainstream crypto asset with the strongest consensus after BTC. The data is getting 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 reportedly control around 31.42M ETH, far above the 19.5M ETH seen at the previous bear-market bottom — reportedly the highest level on record. Despite the FUD and negative sentiment, long-term holders appear to be continuing to accumulate during weakness. At the same time, ETH held by loss sellers and profit takers is reportedly much lower than at the previous two cycle bottoms. In other words, a large portion of the supply is simply not actively participating in turnover. But there’s another structural change worth watching: ETH’s supply concentration has increased significantly. The Herfindahl index has reportedly risen above its early-2015 level, suggesting that a larger share of ETH is concentrated among major account clusters. That isn’t automatically bullish or bearish, but it’s a major change in the market’s structure. So what happens next? Will ETH eventually make a powerful move in the next cycle, or will it continue to underperform? It’s impossible to know yet. But the current data does show several characteristics associated with historical accumulation zones. One comparison is particularly interesting: ETH formed its previous major bottom several months before BTC. Could history repeat itself this cycle? Maybe. For now, ETH remains an asset I’m watching very closely. $ETH $BTC #Ethereum #Bitcoin #Crypto #OnChain