97 % Profitable Ethereum Addresses, Bullish Or Warning Sign

Sentora (formerly IntoTheBlock) reveals that 97 % of Ethereum addresses are in profit, a rarely reached level shaking the market. This record recalls the 2021 bull run, when euphoria had preceded massive profit-taking. Today, analysts are divided between optimism and caution, seeing in this statistic either the sign of a new bullish momentum or the warning of a possible reversal.

A Historic Threshold Reached

While the network gets a makeover for its 10th anniversary celebration, 97 % of Ethereum addresses are now in profit according to the report published by Sentora, a level not seen in several years.

97% of Ethereum addresses are currently in profit pic.twitter.com/baL4tIanPw

— Sentora (previously IntoTheBlock) (@SentoraHQ) August 11, 2025

This rate far exceeds the 90 % threshold, historically associated with massive waves of profit-taking. The most notable precedent dates back to the 2021 bull run, when this level of profitability coincided with a large-scale selling wave.

Here are the important points from the report :

• 97 % of Ethereum addresses are in profit, a record that shows the market’s strength ;

• Passing the critical 90 % threshold, often a trigger for massive profit-taking in ETH’s history ;

• A reference to the 2021 bull run, where a similar situation led to a sharp reversal after an euphoric phase ;

• The analysis is based on data comparing the average purchase price of addresses with the current crypto price.

These on-chain data show a vigorous market, but also potentially vulnerable to sudden sell-offs. Historically, such widespread profit levels have marked major turning points, quickly transforming collective euphoria into marked correction.

Divergent Analyses and Market Strategies

Among optimistic voices, crypto trader and blogger Lark Davis believes the short-term key lies in defending the technical zone “between $3,800 and $4,000”.

He points out that “retesting this zone is likely bullish and represents a buying opportunity for those who missed the breakout”.

His analysis is based on the idea that this range could provide a solid foundation for a new bullish impulse, strengthening the confidence of investors already positioned on ETH.

In contrast, Samson Mow, CEO of JAN3 and known for his pro-bitcoin stance, takes a more cautious tone. He suggests that many historical ETH holders also own significant amounts of BTC and that they might be “rotating that BTC into ETH to pump it with new narratives”, especially around “companies holding their treasury in Ethereum”.

Let me explain what’s happening with ETHBTC.

Most ETH holders have a lot of BTC (ICO/insiders) and they are rotating that BTC into ETH to pump it on new narratives (Ethereum Treasury co’s).

Once they’ve gotten it high enough, they’ll dump their ETH, creating new generational…

— Samson Mow (@Excellion) August 10, 2025

According to him, once the price is high enough, “they will dump their ETH, creating new investors stuck with devalued assets, then reinject gains into BTC”. Such a market reading suggests a risk of orchestrated manipulation, with a temporary value transfer in favor of ETH before a massive return to bitcoin.

These contrasting positions reveal a market at a decisive turning point. Upcoming moves will depend as much on ETH’s ability to maintain its technical supports as on the reality of flows between BTC and ETH. In this context, investors face a classic dilemma: benefit from current momentum or protect themselves against a sharp correction.