Ethereum Hits Historic Lows vs Silver – Whales See Opportunity

Yet beneath the surface, on-chain data suggests a very different story – one driven by large holders quietly building positions while retail sentiment remains deeply pessimistic.

Whales Sit in Loss Territory – But History Suggests a Pattern

According to on-chain metrics tracking unrealized profit ratios of large Ethereum holders, whales are currently sitting in losses comparable to previous macro bottoms. Historically, similar readings have marked late-stage capitulation phases rather than the beginning of fresh downside.

Data shows that the largest cohorts – including addresses holding between 10,000 and 100,000 ETH, as well as those above 100,000 ETH – have not meaningfully distributed during this cycle. Instead, they have continued accumulating despite lacking major profit-taking opportunities. Their aggregate holdings are now at record levels.

The implication is notable: large players appear to be positioning for the next expansion phase rather than preparing for further structural decline.

Accumulation Addresses Spike as Price Pulls Back

Separate on-chain data tracking inflows into Ethereum accumulation addresses reveals a sharp surge in recent weeks. Spikes in inflows are clustering precisely as ETH trades near multi-month lows, echoing accumulation behavior seen during previous bear-market bottoms.

This divergence – falling price alongside rising long-term accumulation – often reflects strategic capital stepping in while short-term participants exit under pressure.

Retail Fear vs. Institutional Patience

Market psychology appears split. Retail investors are facing broader economic strain – elevated living costs, high borrowing expenses, and tighter liquidity conditions – leading many to reduce exposure. Fear-driven selling tends to intensify near local bottoms, particularly when macro uncertainty dominates headlines.

Meanwhile, larger entities seem to interpret the same environment as an opportunity.

Ethereum at Record Lows Against Silver

Analyst Michaël van de Poppe highlighted another striking data point: Ethereum’s valuation relative to silver has dropped to its lowest level on record. Historically, extreme underperformance of crypto assets against hard commodities has coincided with late-cycle pessimism.

From a cross-asset perspective, this suggests that crypto may be deeply discounted relative to traditional stores of value – a condition that has previously preceded strong recovery phases.

Whether this marks the definitive bottom remains uncertain. However, the alignment of whale accumulation, rising inflows to long-term addresses, and extreme cross-asset undervaluation paints a picture that resembles past accumulation zones more than the early stages of a prolonged collapse.

For now, Ethereum’s price action may look fragile – but beneath it, the largest players appear to be preparing for something very different.

The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.

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