Ethereum Whales All Underwater for First Time This Cycle
Ethereum’s largest holder groups are now sitting on unrealized losses, marking the first time in this cycle that every major whale cohort is underwater. On-chain data tracking the unrealized profit ratio shows that wallets holding 1,000–10,000 ETH, 10,000–100,000 ETH, and even 100,000+ ETH are below their aggregate cost basis.
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