Large
$ETH whales are underwater.
And if you’ve been in this market long enough, you already know what that usually means.
The latest on-chain data shows the Unrealized Profit Ratio for wallets holding 1K–100K ETH dipping into negative territory. Historically, every time whales in this cohort went underwater — 2019, 2020, late 2022 — it marked late-stage capitulation zones, not cycle tops.
When smart money is sitting at a loss, two things typically happen:
Weak hands are already flushed out.
Accumulation quietly begins while sentiment is still bearish.
Whales don’t chase green candles. They p