The share of ETH supply sitting at more than 3x profit has dropped to 11%, the lowest reading since February 2017. What makes this cycle structurally different? In the previous two cycles, this cohort exceeded 50% of total supply at peak. This time, that threshold was never reached. ETH's profitability profile has fundamentally compressed relative to prior cycles. 📉 http://glassno.de/eth-supply-pnl-relative(glassnode)