Ethereum Whale Cohorts in Uncharted Territory as Price Fails to Rebound

Ethereum's recent price surge has pushed the cryptocurrency above $1,950, but on-chain data suggests that major whale cohorts are still struggling.

A chart tracking Ethereum whales' unrealized profit ratio reveals a critical shift in market structure. For the first time this cycle, every major ETH holder group, from 1K–10K wallets to 100K+ ETH addresses, has entered unrealized losses.

Historically, large cohorts tend to stay profitable during corrections, providing long-term support to the Ethereum price. However, the current drawdown has pushed even the strongest hands below breakeven.