According to KookCapitalLLC, the number of profitable Ethereum (ETH) holders is extremely limited as of May 2025, suggesting that most current ETH investors are holding positions at a loss (source: KookCapitalLLC on Twitter, May 21, 2025). This data-driven observation underscores a bearish sentiment in the Ethereum market, which could impact short-term trading strategies. Traders should closely monitor on-chain metrics, such as realized price and percentage of addresses in profit, to identify potential reversal points or accumulation zones. The scarcity of profitable holders may lead to increased volatility and possible capitulation events, creating both risks and opportunities for active ETH traders.