One of the altcoins that was hit the hardest in the recent declines in the cryptocurrency market was undoubtedly Etheruem (ETH).
Ethereum fell below $2,000 yesterday for the first time since November 2023. However, it bounced back above $2,000 today, closing at $2,170 amid a broader market recovery.
Although ETH has recovered and is trading above $2,200, the massive sell-off continues.
According to Arkham data, a wallet address that received 114,500 ETH worth $358 million from the bankrupt cryptocurrency lender Genesis sold 40,000 ETH in two days.
The whale that received the most Ethereum compensation from Genesis sold 40,000 ETH worth $89.9 million via over-the-counter (OTC) transactions in the last two days.
Ethereum at Bear Market Levels!
According to CryptoQuant data, the rate of unrealized profits among Ethereum whales has fallen to levels not seen since the previous bear market.
Stating that Ethereum is currently going through a difficult period, CryptoQuant analyst noted that the ETH/BTC ratio is in a continuous downtrend amid increasing fear, uncertainty, and doubt (FUD) in the market.
According to the analyst, the whale's profitability rate has fallen to bear market levels, meaning that most of its positions are back to the same profit level as during the bear market, despite a price twice as high today.
“The proportion of unrealized profits among ETH whales has fallen to levels not seen since the previous bear market. Ethereum is currently going through a difficult period.
“In particular, the whale group holding between 1K and 10K Ethereum has even returned to a negative unrealized profit margin. This data shows that ETH investors are going through difficult times.”
ETH whales' unrealized profit ratio: bear market level
“It means that most of their position are back at the same level of profit as it was during the bear market despite a price twice higher today.” – By @Darkfost_Coc
Read more ⤵️https://t.co/qwG6aBDzva pic.twitter.com/MFai6yuRkh
— CryptoQuant.com (@cryptoquant_com) March 4, 2025
*This is not investment advice.
