- Ethereum whales’ unrealized profits hit bear market levels.
- The ETH/BTC ratio continues to decline.
- Holders of 1K-10K ETH now have negative unrealized profits.
Despite Ethereum (ETH) trading at nearly twice its bear market price, large ETH holders—commonly known as whales—are seeing their unrealized profits decline significantly. On-chain data reveals that wallets holding between 1,000 and 10,000 ETH now have negative unrealized profits, indicating that their accumulated ETH is worth less than when they acquired it.
The drop in unrealized gains suggests that many whales bought ETH at higher prices, possibly during previous market upswings. This declining profitability could influence their selling behavior, potentially adding more pressure to ETH’s price.
ETH/BTC Ratio Continues to Decline
Another factor affecting Ethereum’s performance is the falling ETH/BTC ratio. Historically, Ethereum has outperformed Bitcoin (BTC) in bullish cycles, but this trend has reversed recently. The ETH/BTC ratio has been steadily dropping, reflecting weaker demand for ETH relative to BTC.
This decline in ETH/BTC comes amid broader market uncertainty and shifting investor sentiment. Many traders seem to be favoring Bitcoin due to its stronger institutional adoption and the upcoming Bitcoin halving event, leaving ETH struggling to maintain momentum.
Ethereum whales are seeing unrealized profits drop to bear market levels, despite ETH trading at twice the price it did back then.
— Satoshi Club (@esatoshiclub) March 8, 2025
The ETH/BTC ratio keeps falling, and sentiment remains weak. Whales holding 1K–10K ETH now have negative unrealized profits. pic.twitter.com/dCKinE7SH7
Weak Sentiment and Market Outlook
Market sentiment around Ethereum remains weak as investors focus on Bitcoin and alternative blockchain projects. The negative unrealized profits among whales may discourage further accumulation, leading to continued price struggles.
However, Ethereum’s long-term fundamentals remain strong, with developments in staking, layer-2 solutions, and institutional interest. If broader market conditions improve, Ethereum could regain momentum, but for now, whales are feeling the pressure.
