40% of Ethereum Supply Slips Into Loss as Whales Take Opposing Positions

As December concludes, challenging market conditions have pushed over 40% of the Ethereum (ETH) supply into an unrealized loss, down from over 75% being profitable earlier in the month. This price weakness has caused significant divergence among major holders, or whales. Some, like Erik Voorhees and Arthur Hayes, are actively swapping ETH for other assets like Bitcoin Cash or rotating into DeFi tokens, signaling capitulation or strategic repositioning. Simultaneously, other large investors, such as Whale address 0x46DB and BitMine, have continued aggressive ETH accumulation despite current losses. This split outlook is set against broader bearish signals for ETH, including rising exchange reserves and ETF outflows, suggesting a challenging near-term future despite pockets of contrarian buying.

(Source：BeInCrypto)