Have you ever wondered how the second-largest cryptocurrency can find itself in the roughest patch of its existence? Ethereum is currently facing a steep uphill climb in this bull cycle, and believe it or not, it’s lagging behind several other altcoins. As the broader cryptocurrency landscape wrestles with challenges, ether (ETH) appears especially battered, and the latest insights from market intelligence platform CryptoQuant underscore this disheartening trend. It turns out that the profit margins for ETH holders have plummeted to levels reminiscent of the last bear cycle, raising significant concerns among traders. So, what does this mean for the notorious whales holding large amounts of ether, and how might it impact everyday investors? Let’s dive in and unravel the current state of Ethereum in this turbulent market. LEARN MORE
Ethereum continues to face tough times in this bull cycle, underperforming other alternative coins despite its position as the second-largest cryptocurrency.
While the broader crypto market is struggling currently, ether (ETH) appears to be getting hit the hardest compared to its rivals, as seen in the asset’s on-chain metrics. The latest data analyzed by the market intelligence platform CryptoQuant has found that the profit levels for ETH holders have fallen to levels seen during the last bear cycle.
Whales’ Profit Ratio Hits Bear Market Levels
According to CryptoQuant analyst Darkfost, the unrealized profit ratio for ETH whales—traders holding at least 100,000 ETH—has fallen to bear market levels. This cohort of investors last saw this level of unrealized profits in January 2023 and the months before then.
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