Ethereum’s 30% Slide Puts Big Money in the Red: Here’s What They’re Doing Next
Ethereum's 30% price drop has pushed major holders, including ETF investors and large accumulators, into unrealized losses, yet data suggests continued accumulation.Summary
Ethereum (ETH) has fallen over 30% year-to-date, trading below $2,000 and below the average entry levels for both accumulation addresses and ETF holders, placing significant capital underwater. For instance, BitMine's unrealized losses have swelled past $7 billion. On-chain data shows ETH is below the realized price for accumulation cohorts who began buying in mid-2025. Furthermore, Ethereum ETF holders are in a worse position than Bitcoin ETF holders, with ETH trading significantly below the estimated ETF cost basis of $3,500.
Despite this drawdown testing investor conviction, major capital appears committed. Analysts note that whales are aggressively continuing to accumulate positions, viewing the current price as attractive. This sentiment is supported by Ethereum's exchange net position change turning negative, indicating more ETH is being withdrawn for holding rather than trading. While net inflows into Ethereum ETFs have slowed, the majority of ETF investors are still holding their positions.
Institutional optimism is further evidenced by BitMine purchasing 40,000 ETH and staking a large portion of its holdings, signaling long-term commitment. Overall, while prices reflect stress, the behavior of major participants suggests resilience, with accumulation continuing despite significant paper losses.
(Source：BeInCrypto)