On-chain data reveals that several long-dormant Ethereum wallets have transferred a combined 37,806 ETH within the past 24 hours. Some of these addresses had not moved funds since as early as 2015. The move coincides with the aggregate unrealized profit/loss ratio of long-term whales (entities holding Ether for over 155 days) turning negative for the first time since 2019. This metric is closely watched as a barometer of conviction among large holders; a negative reading means that the average cost basis of these whales now sits above the current market price.
Historically, when long-term whale profitability dips below zero, it often precedes significant distribution phases or trend reversals. Ether is currently trading around the $1,500 level, a key psychological and technical support. Whale-related address activity of this scale suggests that some large participants are reassessing their positions — either preparing to sell, or testing liquidity for larger transactions. While the movement itself does not guarantee selling pressure, the negative profitability signal adds a layer of risk. If ETH fails to hold above $1,500, the negative carry could accelerate further liquidation among high-cost-basis holders.