According to on-chain monitoring, several long-dormant Ethereum wallets moved 37,806 ETH (approximately $57 million) in recent transactions, drawing attention to whale activity.
At the same time, the overall profit/loss ratio of long-term ETH whale addresses turned negative for the first time since 2019. This means that, at current prices, these large holders are, on average, underwater on their positions. Negative whale profitability is often interpreted as a sign of diverging market confidence: some old accounts choose to reduce exposure during bounces, while others remain in hold mode.
The 37,806 ETH transfer is not among the largest whale moves, but it carries significance as ETH trades near the key $1,500 support level. Some analysts view this as a test of whale conviction — a breakdown below $1,500 could trigger further stop-losses or liquidations.