Ethereum Whales’ Profits Plunge to Bear Market Levels

The unrealized profit ratio among Ethereum whales has fallen to levels not seen since the previous bear market, according to CryptoQuant.

Experts explained that most positions held by large hodlers have returned to the profitability level of the last downward trend, despite the asset’s price doubling.

The unrealized profit for market participants holding between 1,000 ETH and 10,000 ETH has turned negative.

Analysts noted the continuation of a “challenging period” for holders of the second cryptocurrency amid further declines in the ETH/BTC ratio and strong FUD.

In February, ForkLog reported signs of a “death cross” forming in Ethereum—a harbinger of bearish dynamics.

Earlier, Fidelity specialists described Solana as a “serious competitor” to Ethereum. A similar opinion was expressed by JPMorgan.

Previously, CryptoRank noted the impact of disputes within the EF on the price of the second-largest cryptocurrency by market capitalization.