Ethereum’s Underwater Supply Matches Post-FTX Capitulation Bottom

Ethereum’s latest drawdown has pushed a major share of ETH supply back underwater, with Glassnode data cited by market trackers showing supply held at an unrealized loss near levels last seen around the post-FTX capitulation period.TL;DRGlassnode’s ETH supply-in-loss metric is being watched as a capitulation signal.The reading has been compared with the painful post-FTX bottom zone from November 2022.A high underwater supply does not guarantee a bounce, but it can show seller exhaust