Ethereum Coinbase Premium Index Turns Negative, Raising Fears of Whale Panic Selling

Ethereum (ETH) is facing a potential fourth consecutive monthly decline, putting large investors (whales holding 1,000 to 100,000+ ETH) in a precarious position where their average cost is near current market prices, offering little to no unrealized profit. While some analysts see this as an accumulation opportunity, two bearish factors suggest downside risk: the Ethereum Coinbase Premium Index turned negative, indicating selling pressure from US investors, and on-chain activity, measured by active sending addresses, hit a yearly low in December, signaling a lack of retail momentum. If ETH breaks below the realized price support around $3,000, whales may be forced to sell to limit losses, potentially triggering institutional panic selling, despite some long-term optimistic outlooks for ETH.

(Source：BeInCrypto)