Ethereum whale group is comprehensively underwater, the first time since 2019. All three holding segments of 1k-10k, 10k-100k, and 100k+ ETH have fallen into unrealized losses, and even the whales that were most resilient in the 2022 bear market have not been spared.

CryptoQuant's data reveals a rare structure: whale unrealized profit margins have been negative for several consecutive weeks. Historically, such comprehensive group underwater states often appear near bottom areas, but this time there is a key difference — on-chain activity and capital inflows have not amplified simultaneously.
Spot ETF net outflows, loss of confidence after the Base chain outage, and stablecoin market cap surpassing ETH itself all point to one fact: Ethereum is simultaneously suffering the double blow of macro selling pressure and weak ecosystem narrative. Whale underwater positions are more like a painful signal in the market clearing process, rather than a simple bottom-fishing opportunity.
It is worth being vigilant: whale underwater losses may trigger further stop-losses or position reductions, especially after ETH breaks below the key support of $1,500. If holders' conviction wavers, selling pressure may spread from whales to retail. The current structural signal is closer to 'risk being released' rather than 'bottom confirmed'.
$eth #稳定币 #etf #链上数据 #blockchain