Ethereum: The Reset Already Happened Since Oct 5, 2025, ETH dropped roughly 60%, falling from $4.5K to a local low near $1.8K on Feb 5, 2026. But the real reset was not just price. It was profitability. Network Profit/Loss stayed negative on 130 of 183 days. Transaction Volume Profit/Loss Ratio spent 100 days below 1. Realized losses dominated for most of this range. That damage showed up in supply metrics too. Percent of supply in profit fell from 96.2% to the mid-40s, bottoming near 31.1% on Feb 24, 2026. MVRV Z-Score has stayed below 0 for 126 days and still sits near -0.88. Even after the rebound, ETH never re-entered expansion territory. At the same time, supply kept aging. Mean Age continues to rise, while the combined 60d - 365d realized cap waves have climbed nearly 58% across the range. The 180d - 365d band pushed to new highs. Coins are moving up the holding curve, not reopening into fast circulation. Old supply did move at times. Age Consumed and Dormant Circulation spiked hard on Nov 23, 2025 and again on Mar 22, 2026. But those were bursts, not steady distribution. Since Feb 6, price recovered only about 2.3%. Mean Age continues to rise, realized cap HODL (180d to 365d) waves kept expanding, and MVRV has stayed below 0 the whole time. ETH no longer looks overheated. It also no longer looks like clean ongoing distribution. Supply has tightened. Demand hasn’t shown up 🧸 DYOR