All ETH whales now at a loss for first time in 7 years

All large-scale Ethereum (ETH) investors, or whales, are currently in a state of unrealized loss, cryptocurrency analyst Darkfost said on X. He noted that this is the first time such a situation has occurred since 2019. Darkfost explained that while whales holding over 100,000 ETH remained profitable even in 2022, all whale groups are now facing losses. Specifically, the group holding 1,000 to 10,000 ETH is down 26%, the 10,000 to 100,000 ETH group is down 21%, and those holding over 100,000 ETH are down 5%. The analyst added that historically, periods when Ethereum whales incurred losses coincided with market bottoms. He suggested that considering all whale groups are at a loss, the ETH price has held up relatively well. Meanwhile, ETH previously lost its position as the second-largest cryptocurrency by market capitalization to USDT.