Ethereum has dropped roughly 5.5% over the past few days. But the selling pressure behind that decline is not what most people would expect. On-chain data from Santiment shows that the Ethereum network recorded approximately $74.58 million in realized profits over three weeks, even as prices fell. That means traders are leaving with gains, not losses.
The reason comes down to timing. Earlier this year, ETH traded below $2,000 while sentiment across crypto markets was weak. Geopolitical tensions and broader uncertainty pushed many investors away. But some traders bought heavily during that dip. Even after the recent price decline, those positions are still in profit, giving holders room to exit without taking a loss.
🤑 Ethereum just registered its highest network realized profits in 3 weeks. This may seem counterintuitive to see a spike of $74.58M in realized profits while $ETH’s price has dropped ~5.5% over the past 3 days. But here’s why:
📌 Holders with a much lower cost basis are… pic.twitter.com/YX6N6InkUX
— Santiment Intelligence (@SantimentData) May 14, 2026
Early buyers are still selling at a profit
The current selloff is being driven by people who bought low and are now selling smart. These are not panic sellers. They are disciplined traders who accumulated ETH when the market looked ugly and are now locking in returns while they still can. That distinction matters because it changes how you read the price drop.
This suggests that the current market weakness is not mainly driven by panic selling. Instead, investors who bought at lower prices appear to be locking in profits while market conditions remain uncertain.
Rising on-chain activity points to distribution
On-chain data also shows increased transaction activity around the $2,241 price level. Analysts say this likely signals a distribution phase, where investors gradually reduce their positions after recent gains.
Even small profits across many wallets can add up quickly when overall transaction volume is high, as seen in the $74.58 million figure.
What comes next for ETH
The market is not deeply bearish, but it is not confident either. Traders appear to be in a wait-and-see mode, protecting gains while watching for clearer signals. Until a stronger catalyst emerges, whether positive or negative, Ethereum is likely to stay under short-term pressure.
The question is whether new buyers will step in at current levels to absorb the selling. If they do, the distribution phase could stabilize prices. If they do not, ETH may continue drifting lower before finding solid ground.
Ethereum has been struggling to build momentum after its recent decline, while BNB has recovered more steadily and is holding its gains better. This suggests investors may currently view BNB as the more stable of the two.
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