Ethereum traders may not be able to enjoy this victory as ETH struggles to…

• Ethereum got a horrible mention in the recent Uniswap ruling.
• ETH long-term holders, however, seem tired as the volume in profit to loss increased.

While Uniswap [UNI] secured a victory, Ethereum [ETH] also achieved success in the recent court judgment. Nevertheless, even with this shared triumph, certain asset holders appear to be growing weary due to the prevailing price trend.

– How much are 1,10,100 ETHs worth today

Ethereum gets commodity status reaffirmation

On 30 August, the commodity status of Ethereum was reaffirmed in a ruling that involved Uniswap. The court action was instituted by some Uniswap users who felt undone by the scam on the platform. However, in acquitting Uniswap, the judge also mentioned that Ethereum was a commodity.

While the SEC had not always categorized Ethereum and Bitcoin as securities in its lawsuits, the recent ruling further boosted the confidence of its holders. This positive sentiment was, however, not shared across the board, as recent on-chain activities showed.

Ethereum, at a loss, dominates briefly

As of this writing, Ethereum climbed back to the $1,700 price range after days of trading below it. However, despite this slight uptrend, some holders appeared weary.

According to Santiment data, a comparison of assets’ transaction volume that had moved from profit to loss showed that ETH led the way at some point. As of 30 August, ETH had the highest volume in profit to loss.

Source: Santiment

However, as of this writing, the volume in profit to loss had reduced, indicating that some transactions had entered profit. The slump into loss indicated that holders were selling at a loss. The sustained sale also meant that holders did not seem to care about the price but were only eager to sell.

Analyzing the profitability of ETH holders

As of this writing, the Ethereum 180-day Market Value to Realized Value ratio (MVRV) fell below zero. This indicated that holders in this time period were holding at a loss. As of this writing, the 180-day MVRV was at around -6%. What could also be noticed from the chart was that it had trended above zero until around 14 August. 

Source: Santiment

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On the other hand, the 365-day MVRV showed more stability compared to the 185-day MVRV. The chart showed that holders in this class have been holding at a profit since the beginning of the year, barring slight dips.

However, it was a different ball game for the two-year MVRV ratio. As of this writing, the two-year MVRV ratio was -17%. Furthermore, the chart showed that these classes of holders have been holding at a loss for over a year.