According to IntoTheBlock, the proportion of profitable holders fell to a low of 46% in the recent bear market, while it fell to just 3% after the 2017 cycle. This comparison shows that Ethereum's current cycle shows greater resilience, and many holders remain profitable even in downturns, reflecting stronger confidence in the long-term value of ETH. During 2019/2020, ETH's profitable addresses fell below 10%. While similar situations could cause the bear market to return to its lows, the current market suggests that any downturn may not be that severe.