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Ethereum holdings polarization intensifies: big players clash, profit rates plummet rapidly
【Crypto World】In 2025, Ethereum is experiencing a significant wave of market pressure. On-chain data is in front of us—more than 40% of Ethereum supply is in loss, what does this indicate? Most people are trapped. Even more heartbreaking, the proportion of profitable holdings has dropped from over 75% at the beginning of this month to 59%, a clear decline in a short period.
Interestingly, major figures in the community are beginning to have disagreements. Well-known holders like Erik Voorhees and Arthur Hayes are rebalancing, swapping tokens, or directly exiting their Ethereum positions—they are speaking with their actions. But on the other side? Other major whales, despite showing significant unrealized losses on paper, are actually increasing their holdings and have no intention of withdrawing.
What does this opposing behavior behind the holdings reflect? The market has not reached a consensus on Ethereum’s prospects. Exchange reserves are increasing, while ETFs are experiencing outflows. The pace of institutions and retail investors is completely different—who is right in this situation?
From the supply and demand curve, a 40% loss rate is already the critical point for art valuation. If it drops further, even Dadaism can't save it.
When influencers vote with their feet, we're still guessing what they're thinking. That's the most magical part.
It's actually like a contemporary art exhibition; no one truly knows how much it's worth, only that people are still buying.
When the floor price drops, everything is laid bare.
40% loss, 60% still struggling, honestly, it’s a lack of consensus and everyone doing their own thing. Erik ran away, Arthur also disappeared, isn’t this smart money voting with their feet?
Conversely, some are adding positions? Either retail investors are trying to save themselves, or there’s insider information. As players like us, let’s not overthink it, just for reference.
ETF outflows and increased exchange reserves—what’s going on here? What are institutions doing... Feels a bit like a harvesting mechanism.
Honestly, just looking at this data makes me anxious. In just a few weeks, profitable positions dropped from 75% to 59%, such a speed... Luckily, I didn’t hold a heavy position.