Key Takeaways:
Ethereum's 23.5% monthly slide has pushed all three major whale cohorts into negative unrealized profit for the first time since 2019, a signal that historically preceded price bottoms.
Ether fell 6.7% to $1,557 over the past seven days, extending a June rout that began above $2,000, CoinGecko data show. The token traded at $1,537 as of 8:54 a.m. ET on June 26, down 37% from a year ago and 69% below its 52-week high of $4,954 set in August 2025.
"All three whale categories shown here are all at a loss — their unrealized profit ratio is negative for each of these cohorts," Darkfost, an on-chain analyst, said on X. Wallets holding 1,000 to 10,000 ETH show a ratio of -0.26, those with 10,000 to 100,000 ETH stand at -0.21, and wallets above 100,000 ETH sit at -0.05. Darkfost noted that even during the 2022 market crash, the largest whale bracket remained in profit.
The broad-based whale distress comes as Bitmine, the largest Ethereum treasury company, deepened its exposure. The firm staked another 160,480 ETH worth $248.7 million, pushing its total staked position to 4.88 million coins, or about $7.56 billion, according to Lookonchain data. Bitmine's annualized staking yield stands at $233 million, per Wu Blockchain. The company's stock ticker BMNR is set to join the Russell 1000 Index on June 26.
The simultaneous whale losses and institutional accumulation create a tension that has historically resolved with a price floor. Darkfost said that when whale conviction gets tested at these levels, bottoms have formed around the same period. Crypto analyst CryptoReviewing flagged stacked liquidity on both sides of the current price range, with short-side liquidity between $1,400 and $1,500 and long-side pools between $1,600 and $1,800, suggesting the market will sweep one side before directional continuation.
Ethereum's market capitalization has fallen to $185.5 billion, with the token losing 23.5% in June alone. The broader crypto market faces headwinds from U.S. spot bitcoin ETF outflows, a hawkish Federal Reserve and a strong dollar, even as equity indexes hit new highs on AI-driven rotation out of semiconductors. Ether's 52-week low of $1,507, set on June 6, represents the next major support level below current prices.
This article is for informational purposes only and does not constitute investment advice.
