Ethereum Profitability Rebounds as On-Chain Metrics Flip Bullish

Ethereum holders are seeing green again after months of market stress.

Following a sharp rally in price, on-chain data now shows a strong rebound in wallet profitability across the network.

According to blockchain analytics firm Sentora, nearly 60% of Ethereum wallets are currently holding tokens acquired below market value—up from a low of just 32% in April. This shift reverses the bearish trend that began in late 2024, when profit margins collapsed alongside ETH’s decline.

Sentora’s analysis, which tracks profitability using its “In/Out of the Money” indicator, compares each address’s acquisition price to current spot rates. The firm noted that Ethereum hasn’t experienced such extreme swings in investor profitability since the 2017 cycle.

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Additional data from Glassnode confirms Ethereum has regained important valuation benchmarks. The asset has surpassed its Realized Price—a metric reflecting the average cost basis across the network—currently near $1,900. It has also broken above the True Market Mean at $2,400, which adjusts for dormant supply.

The final hurdle? The Active Realized Price at approximately $2,900, which would mark full recovery across active market participants.

With most holders back in profit and critical on-chain thresholds reclaimed, Ethereum’s latest upswing appears to be built on firmer footing than recent attempts.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.