Long-Term ETH Holders Turn Profitable as Activity Spikes

• ETH is now trading above the realized price, putting long-term holders and Binance users in profitable positions.
• Binance remains the top hub for ETH liquidity, even during market shifts and portfolio rebalancing.

Ethereum is stealing the spotlight again. Today, May 11, 2025, the price of ETH has jumped 44% in just three days, breaking through the $2,400 level. This is the sharpest surge since May 2021.

But what’s interesting is not just the numbers. What makes many old investors smile is that ETH is finally back above the realized price of $1,900. What does that mean? Many long-term holders who were previously sitting in the red zone are now starting to enter profit territory.

Source: CryptoQuant

On-chain data makes the situation clear. This surge did not just happen. On May 9, ETH managed to surpass the $1,900 level driven by massive buying activity, especially from institutional players. Binance recorded withdrawals of more than 85,000 ETH in just a few hours before the surge occurred.

For those who have been watching the market for a long time, this is like a loud call that something is moving behind the scenes.

Binance Remains the Center of ETH Liquidity

When talking about ETH, it’s hard not to mention Binance. Activity there continues to dominate. The volume of ETH inflows and outflows on this exchange is the highest among all. Even during this latest surge, Binance is still the busiest spot. It feels like a central terminal where all the big moves start.

Interestingly, despite the price increase, many traders are still taking profits in a measured manner—not panic selling. This indicates that the market is still on a healthy track. Traders are taking advantage of the high liquidity to rebalance their portfolios without disrupting the current trend. It can be said that this is a reflection of a mature market.

Furthermore, when deposit addresses on Binance are in a profitable position (current price above realized price), this usually signals increased confidence and new bullish energy. The combination of high activity and profitability like this often paves the way for continued momentum.

Mixed Signals from On-Chain

Previously, CNF reported that while many long-term holders continue to add ETH to their wallets, some of them are still recording unrealized losses. This shows that long-term confidence remains strong, although not everyone can breathe a sigh of relief in the short term.

On the other hand, the ETH/BTC ratio is currently undervalued by historical standards. But strangely, Ethereum network activity has been almost stagnant since 2021. Even the ETH burn mechanism that used to be in the spotlight is now starting to weaken after the Dencun upgrade. You can imagine, even though the price is rising, the network activity is actually less enthusiastic.

Adding to the layer of doubt, the flow of funds to the exchange is starting to increase. But the funding rate remains neutral. What does that mean? There is uncertainty from retail traders and those using leverage. So, even though it looks generally bullish, some of the market still seems to choose to wait and see.