Following the losses it has suffered since the beginning of the year, Ethereum has moved a significant part of the large holders into the loss zone. With the bearish atmosphere generally felt in the cryptocurrency market, Ethereum lost more than 30 percent of its value in 2026 and continues to trade below the $ 2,000 level despite short-term recoveries.
Loaded Losses in Corporate Accounts
According to market data, the value of Ethereum dropped to $ 1,971. This price level has pushed the cryptocurrency below both the buying average of major addresses and the average cost of exchange-traded fund (ETF) investors. In particular, the undisclosed losses of BitMine, which has the world’s largest Ethereum treasury, have exceeded the level of 7 billion dollars. The company is known for its large amount of Ethereum and has suffered significant losses due to current market conditions.
Position of Whales and ETF Investors
According to on-chain analysis, whales, known as major crypto investors, began collecting Ethereum above the $2,000 level during the ongoing accumulation period since June 2025. However, current prices continue to remain below the buying levels of these investors. James Seyffart, senior researcher at Bloomberg Intelligence, stated that the average cost of ETF investors is around $3,500 and that the majority are at a loss due to the current price.
It is stated that the loss in the last decline exceeded 60 percent, reaching rates similar to the Ethereum decline in April 2025.
It is reported that the situation is more negative for ETF investors compared to Bitcoin funds. Ethereum is currently trading well below purchase cost for the majority of ETF investors.
Whale and Institutions’ Strategy: Position Maintained Despite Selling Pressure
According to analysts, despite the price drop, institutional investors and whales continue to hold their positions. In an analysis post, it is stated that whales seem more inclined to buy additional Ethereum instead of selling, and that current prices are attractive for long-term investors.
It is stated that whales continue their savings more aggressively and current prices are attractive to them.
On the other hand, Ethereum withdrawal from exchanges continues. This development shows that institutional players tend to keep their assets long-term (cold wallet) rather than selling them. Similarly, although inflows into Ethereum ETFs decreased from $15 billion to less than $12 billion, it is emphasized that most investors are still preserving their assets.
Although there were sharper declines compared to Bitcoin ETFs, it is reported that most investors maintained their positions.
While BitMine purchased another 40,000 Ethereum the other day, it staked a total of 2.97 million Ethereum. This amount constitutes 68.7 percent of the company’s total assets and demonstrates its long-term commitments. Under current conditions, most large investors prefer to keep or increase their Ethereum holdings rather than leaving the market.
