Ethereum Seller Exhaustion at 10-Year Low: 60% of Supply in Loss, No Buyer Confirmation

Glassnode has stated that Ethereum seller exhaustion has dropped to its lowest level in the last 10 years, and buyer demand is expected for a bottom formation.

Crypto data firm Glassnode pointed to three remarkable indicators simultaneously in its assessment of the Ethereum (ETH) market. According to the post, although the current picture shows that sell-side pressure is weakening, it does not yet seem sufficient to say the market has reversed direction.

In the assessment, it was noted that the seller exhaustion indicator is at its lowest level in the last 10 years. This indicator tracks the extent to which the selling trend in the market has diminished. Additionally, it was reported that realized volatility, which measures the intensity of price movements, is in the bottom 3rd percentile of historical data. In Glassnode’s chart covering the 2016-2026 period, it is also observed that the seller exhaustion indicator is approaching the historical lower band at current levels.

Most of Ethereum’s Supply is in Loss

According to the third indicator highlighted by Glassnode, more than 60% of the ETH supply is in unrealized loss. In other words, a significant portion of the circulating Ethereum is being held at a cost basis higher than its current value. The simultaneous appearance of seller exhaustion, low volatility, and supply in loss creates a historically unusual picture in the Ethereum market.

Despite this, the post emphasizes that these data do not mean a definitive bottom declaration. Glassnode states that the sell-side is weakening but the “buy-side has yet to emerge.” Therefore, current indicators are considered a conditional market signal setting the stage for a bottom formation. For the market to confirm this signal, strong buyer demand needs to kick in.