The largest Ethereum ($ETH) holders are currently witnessing noteworthy losses. This denotes the 1st time since the year 2018 that prominent Ethereum whale cohorts are facing massive unrealized losses. As per the data from Coin Bureau, this move indicates that even the top $ETH holders have also come under staggering pressure. Such a scenario historically leads toward wide-scale capitulation among retail investors.

🚨ALL ETH WHALE COHORTS ARE NOW UNDERWATER

For the first time this cycle, every major Ethereum holder group, even more than 100K ETH wallets is sitting on unrealized losses.

When strong hands feel pain, weak hands are already gone. pic.twitter.com/mx9gza80TW

— Coin Bureau (@coinbureau) February 21, 2026

Ethereum Whales Suffer Staggering Unrealized Losses

The on-chain data discloses that the $ETH whales, including those with over 100,000 $ETH in their holdings, are experiencing notable unrealized losses. Additionally, the wallets holding $ETH within the 1,000-10,000 and $10,000-100,000 are also presenting huge dips in the ratios of unrealized profit. In this respect, each whale cohort is currently underwater, denoting an unprecedented convergence that shows the extremity of the present market conditions.

Therefore, this market outlook reflects the wider anxiety with whale distress often signifying comprehensive structural weakness. The trajectory of the unrealized profit ratios between 2018 and 2026 reveals that whale profitability been serving as a crucial indicator to gauge the wider market sentiment. While whales are now in profit, retail investors are displaying more confidence. This could be a critical factor in advancing the market rallies.

On the other hand, when whales undergo losses, selling pressure usually intensifies, resulting in extended downturns. The present situation highlights that the leading altcoin may be getting into a consolidation period where just those holders with long-term conviction remain. At the same time, amid the shaken confidence of $ETH whales, retail investors are interpreting this scenario as a critical opportunity amid the speculation of a market bottom.

Shifting Whale Behavior Hints at a Potential Turning Point toward Recovery

According to Coin Bureau, while Ethereum ($ETH) keeps evolving with expanding utilities and upgrades, the whale sentiment will continue to serve as a significant indicator for market onlookers. The present downturn underscores the vulnerability of the biggest $ETH holders while also signalling the beginning of a likely resilience in the case of a reassertion of long-term fundamentals. Overall, while $ETH is changing hands far below the peak price levels thereof, the next few months will point out whether the current phase precedes a deeper correction or a recovery.