More than 40% of Ethereum's supply is currently in a loss position, as holder profitability has dropped from 75% to 59% this month. This shift reflects growing market uncertainty, with notable figures such as Erik Voorhees and Arthur Hayes selling or swapping their ETH holdings. Despite these trends, some large holders are continuing to accumulate Ethereum, even as they face significant unrealized losses. Additionally, exchange reserves are on the rise and ETF outflows are increasing, indicating a split in market sentiment.