Whale Movement and Profitability Diverge
Multiple old Ethereum wallets that had been dormant for years collectively transferred 37,806 ETH (approximately $56.7 million) on June 26, according to on-chain monitors. Simultaneously, the profitability ratio of long-term whale addresses (holding over 10,000 ETH) turned negative for the first time since 2019, meaning their average acquisition cost now exceeds the current market price.
This combination of old wallet activity and negative profit margins often signals a divergence in sentiment among large holders. While some early whales are moving their coins—potentially for sale or reorganization—the broader whale cohort is sitting on paper losses that could trigger further sell pressure if ETH breaks below the critical $1,500 support level. Market participants are closely watching how this test of conviction resolves in the coming days.