[Analysis] "Ethereum whales' unrealized profit 'zero' convergence… buying pressure continues"

Ethereum (ETH) whales (large investors)' unrealized profit has been analyzed as effectively approaching 'zero'.

CW8900, a CryptoQuant contributor, said on the 17th (local time) through CryptoQuant, "Ethereum whales' unrealized profit is currently close to zero," and "despite the recent sharp drop in Ethereum's price, whales did not sell and did not stop accumulating." CW8900 said, "The realized price of Ethereum whales is currently almost identical to the current market price." Realized price is the average purchase price of all investors.

The analysis is that most Ethereum whales judged that the current cycle has not ended. CW8900 said, "The fact that Ethereum whales effectively have no unrealized profit means they did not realize gains in this cycle and are instead increasing their holdings," and "if the whales thought the cycle was ending, there would be no reason to buy more Ethereum during a downtrend."

CW8900 emphasized, "This means the current price level is perceived as an opportunity to buy Ethereum at the lowest possible price range." He added, "The market is being driven by whales," and "those whales are still continuing to accumulate."

Meanwhile, as of 9:07 p.m. on the day, Ethereum was trading on CoinMarketCap at 2933.59 dollars, down 0.86% from the previous day. Compared with a week ago, it is down 11.57%.