Ethereum’s 30% Slide Puts Big Money in the Red: Here’s What They’re Doing Next

Ethereum has extended losses in 2026, shedding more than 30% year-to-date and slipping below the $2,000 level. Although it briefly recovered, ETH has once again fallen under $2,000 and was trading at $1,971 after a 4.58% decline over the past 24 hours. The price weakness has pushed many holders underwater: BitMine’s unrealized losses have climbed above $7 billion.

On-chain data shows Ethereum trading below the realized price of accumulation addresses; large-scale whale accumulation began in June 2025, and the current market price is now below the average level at which those wallets started building positions. "Their accumulation is proceeding even more aggressive.

The current price will likely appear attractive to ETH whales," one analyst noted. Ethereum’s exchange net position change indicator has turned negative, meaning more ETH is being withdrawn from exchanges than deposited. ETF investors are also under increasing pressure, with ETH trading well below the estimated average ETF cost basis of approximately $3,500.

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