Behind Ethereum's Outperformance of Bitcoin: Why Are Holders Lacking Confidence?

Question

【Crypto World】From the January lows to now, Ethereum has increased by 18.6%, and it seems to be gaining some momentum—after all, Bitcoin has only risen by 13.3%. But there’s a detail behind this that’s worth noting: Ethereum holders’ realized losses actually exceed their profits.

How to interpret this? On-chain data speaks for itself. Ethereum’s SOPR indicator is 0.992, while Bitcoin’s is 1.009. The closer SOPR is to 1, the more it indicates that holders are selling coins without making a profit, or even at a loss. Bitcoin holders’ SOPR is above 1, meaning they are at least slightly profitable; Ethereum’s is the opposite.

In other words, although Ethereum’s price has surged more sharply, that is driven by institutions or smart money pushing the price higher. What about the average retail holders holding Ethereum? Overall, they are still in a loss. This explains why, even as the price rises, holders’ confidence in this rally remains relatively weak—because most of them haven’t broken even yet.

BlockchainArchaeologist · Accepted Answer

Wow, this SOPR data is really amazing, indicating that the ETH held by retail investors is just a burden.

No matter how high the price increase, it's useless; breaking even is a distant goal, and you still have to hold on. Can this mindset be good?

So, a price increase ≠ everyone’s consensus; this is ETH's awkward situation.

Institutions are aggressively pushing the market, while retail investors at the bottom are still heavily in debt. The gap...

Wait, is this another signal of wealth transfer?

I feel like more and more people are being washed out.

I heard someone has already started cutting losses; it's exhausting.

GasFeeVictim · Answer

It's the same old story... Institutions are accumulating, retail investors are still taking losses, and SOPR is right there.

GasFeeTherapist · Answer

It's all retail investors caught in the trap, while institutions are accumulating. This strategy is played very skillfully.

FlashLoanPrince · Answer

Laughing to death, this is the fate of retail investors. SOPR is the true eye-opener.

Institutions are lifting the sedan, and we haven't even unraveled our positions yet. How can our mentality not be affected?

A good increase doesn't matter much; as long as the account is still in the red, it's over.

How should I put it? It's all a game where others make money and we take the risk.

Watching the price rise, but feeling anxious because we haven't broken even yet.

Retail investors always buy at the highest point and sell at the lowest point, and this time is no exception.

Institutions are celebrating, while we are bottom-fishing. What a joke.

Once this data came out, I was broken. I thought I had made a profit.

Behind Ethereum's Outperformance of Bitcoin: Why Are Holders Lacking Confidence?

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