Ethereum’s supply‑in‑loss metric surged to levels not seen since the post‑FTX capitulation of November 2022, according to Glassnode data released on June 18 2026.
Understanding the Supply‑In‑Loss Indicator
Glassnode calculates the supply‑in‑loss figure by measuring the amount of ETH that investors hold below their on‑chain acquisition cost. A sharp increase signals that more tokens sit at an unrealized loss after a market correction. The current reading mirrors the distress observed during the 2022 post‑FTX sell‑off, when investor confidence on the blockchain plummeted.
Implications for the Crypto Market
Elevated underwater supply may hint at growing seller exhaustion, as investors become reluctant to offload assets at a loss. However, the metric alone cannot guarantee a price rebound or eliminate broader macro‑economic risks. Traders watch this data point to gauge whether the market is approaching a capitulation phase or merely experiencing temporary volatility.
Outlook for Ethereum Bulls
Despite the alarming supply‑in‑loss level, bullish participants require concrete price confirmation before declaring a durable bottom. Investors will likely monitor ETH price movements closely, seeking a sustained uptick that could validate a reversal. Until such a trend emerges, the blockchain ecosystem remains cautious, balancing optimism with the memory of the 2022 downturn.