Ethereum Whales Face Losses but Accumulation Continues
The Most Important Points at a Glance
Ethereum large investors (“whales”) have suffered losses in recent months. Despite these setbacks, some continue to increase their holdings. Development activity in the Ethereum network is increasing, while the overall market remains weak. The profitability of whales has dropped to a level last seen during the last bear market.
Ethereum Whales Under Pressure
Ethereum prices have been declining since December. While Bitcoin (BTC) has been able to defend its support zones, Ethereum (ETH) continues to show weakness. Since Sunday, ETH has dropped by 14.36%, while BTC has only lost 8%.
Despite this negative price trend, development activity in the Ethereum ecosystem is increasing. According to analysts, the number of development events has risen by 13% in the past month, while the number of active developers has increased by 1.9%.
Losses on the Whale Side
Data shows that Ethereum whales are currently facing losses. “Unrealized gains” – the difference between the purchase price and the current market value – have fallen to a level last seen during the previous bear market.
However, some whales are holding onto their assets or even buying more. Wallets holding between 10,000 and 100,000 ETH have been continuously increasing their holdings since March 2024. This trend has even accelerated in recent months.
What Are the Implications?
The current situation has two possible consequences:
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1. **Lower Selling Pressure:** Since many whales would have to realize losses, it is unlikely that they will sell their holdings in the short term.
2. **Capital Rotation into Other Assets:** If Ethereum continues to weaken, some whales may shift their holdings into other cryptocurrencies. This could put additional selling pressure on ETH.
Changes in Wallet Holdings
An analysis of wallet holdings reveals different trends:
– Wallets holding between 100 and 1,000 ETH have been continuously decreasing their holdings since January 2023.
– The group holding 10,000 to 100,000 ETH has been accumulating since March 2024.
– Retail investors (smaller investors) increased their holdings in February, but this trend has since flattened.
– Wallets with over 100,000 ETH have been showing a slight downward trend for two years.
Our Assessment
The current market situation for Ethereum remains tense. While some whales are experiencing losses, the continued accumulation by larger wallets indicates a certain level of confidence in ETH’s long-term development.
If Ethereum continues to underperform, some large investors may shift their holdings into other cryptocurrencies. At the same time, the increasing development activity signals a positive outlook for the network’s future.
Whether this trend continues or Ethereum remains under pressure remains to be seen.
| Symbol | ETH |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | $2,289.85 |
| 24h % | 3.40 % |
| 7d % | -2.84 % |
| 30d % | -15.24 % |
| 60d % | -36.93 % |
| 1y % | -39.79 % |
| Market Cap | $276,041,141,500.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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