On-chain data shows that 44.2% of all Ethereum investors are now carrying their coins at a loss, a sign that the bottom may be close for the asset.

Ethereum Percentage Of Holders In Loss Has Surged Recently

According to data from the market intelligence platform IntoTheBlock, the percentage of ETH investors in loss has grown sharply since early July. The relevant indicator here is the firm’s “Historical In/Out of the Money,” which tells us about the percentage of Ethereum investors in profits and losses and those that are just breaking even.

The metric determines whether an investor is in profit or loss by looking at their address history to check for the average price at which they acquired their coins. Naturally, if the asset’s current spot price is less than a holder’s cost basis, …