Data Support

Glassnode's Percent Supply in Profit at 3x indicator stands at 11%, representing the lowest reading since February 2017. During the peak of the 2021 bull market, this metric exceeded 95%. Ethereum's price action data shows a low of $1,505 and recovery to $1,681 as of June 8, with a 24-hour change of approximately +3.4%. The cryptocurrency's market capitalization stands at approximately $1.34 trillion, accounting for roughly 8.99% of the total global crypto market capitalization of $2.26 trillion. Ethereum's 24-hour trading volume of approximately $58.9 billion represents about 26% of total market volume. The broader crypto market of $2.26 trillion has experienced a 24-hour expansion of approximately 2.06%. Bitcoin (BTC) has rebounded to near $63,217 with a 24-hour change of +2.32%. The U.S. House Republicans' introduction of 7 new crypto tax bills represents a potentially bullish structural development.