Billions of Dollars in Profits Booked as Bitcoin Fell: The Picture Reversed on Ethereum

Bitcoin’s 7% price decline in October still coincided with $7.86 billion in net realized on-chain profit, while Ethereum recorded $510 million in net realized losses, according to Santiment’s October report. The divergence shows BTC holders locking in gains during the drawdown even as ETH holders capitulated at a loss, a reversal from Ethereum’s earlier stronger positioning. The report underscores how realized profit-and-loss flows can diverge sharply across major chains during the same market move. Traders will watch whether Ethereum’s realized losses mark capitulation and a potential local bottom, or signal continued weakness relative to Bitcoin.