Large Ethereum holders are now sitting on unrealized losses across all major whale categories, marking the first such occurrence since 2019. Wallets holding 1,000–10,000 ETH, 10,000–100,000 ETH, and more than 100,000 ETH all have negative unrealized profit ratios, a trend that has persisted for several weeks. The shift highlights the depth of Ethereum’s recent price decline. Market participants will watch whether whale accumulation or selling activity changes, as similar conditions have previously coincided with market bottoming periods.








