Ethereum Whales in the Red for First Time Since 2019

Large Ethereum holders are collectively in the red for the first time since 2019. Even during the severe market crash of 2022, the largest group, holding more than 100,000 ETH, remained profitable. Now all three whale categories are simultaneously at a loss, a situation that has persisted for several weeks and historically coincides with a bottom zone in the market.

Ethereum is available at OKX and Bybit.

All whale categories deep in the red

According to on-chain data from CryptoQuant, all three groups studied show a negative unrealised profit ratio. The smallest category, wallets with 1,000 to 10,000 ETH, stands at a ratio of -0.26. The middle group, between 10,000 and 100,000 ETH, records -0.21. Even the largest holders with more than 100,000 ETH are now in the red with a ratio of -0.05.

That last point is remarkable. During the bear market of 2022, when the Ethereum price plummeted, the heaviest players still managed to preserve their profits. The fact that even they are now losing money makes the current situation unique in the long term. The Ethereum price is currently at $1.550. a decline of 5.3% in the past 24 hours.

Historically a signal for a bottom

Analyst Darkfost points out that this situation should be viewed on a longer time scale. The comparison with 2019 is relevant: back then, whales were temporarily at a loss, and that period later turned out to mark a bottom zone. The question now is whether the current phase signals a similar turning point for Ethereum.

Remarkably, Darkfost finds that ETH is holding up fairly well under the circumstances. The pressure on large holders is visible, but there is no sign of a complete capitulation. The behaviour of whales in such periods often provides a preview of broader market movements. At the same time, ETF flows have also shown a negative picture for several days, as Blockchainstories reports.