Since the beginning of the year, Ethereum’s value has witnessed significant losses, pushing many major holders into the red. Amid a general downturn in the cryptocurrency market, Ethereum has lost over 30% of its value in 2026. Despite occasional recovery efforts, the cryptocurrency continues to trade below the $2,000 mark.
Heavy Losses for Institutional Accounts
Market data shows that Ethereum’s value has dropped to $1,971. This price point has pulled it below the average purchase price for both large accounts and exchange-traded fund (ETF) investors. Notably, BitMine, holder of the largest Ethereum treasury, now has undisclosed losses exceeding $7 billion. Known for its substantial Ethereum holdings, BitMine faces significant losses due to these market conditions.
Positions of Whales and ETF Investors
According to on-chain analyses, large investors, often referred to as “whales,” began accumulating Ethereum at levels above $2,000 since June 2025. However, current prices remain below their acquisition levels. Senior researcher James Seyffart from Bloomberg Intelligence noted that the average cost for ETF investors stands around $3,500, leaving most in a losing position given the present market price.
The latest decline saw losses exceeding 60%, reaching levels similar to Ethereum’s drop in April 2025.
In comparison to Bitcoin funds, the situation appears more adverse for Ethereum ETF investors. Ethereum is currently trading well below the purchase cost for a significant portion of those who invested in ETFs.
Whale and Institutional Strategies: Holding Steady Despite Selling Pressure
Despite the price drop, analysts suggest that institutional investors and whales are maintaining their positions. Insights suggest that instead of selling, whales are inclined to purchase more Ethereum, finding current prices appealing for long-term investment.
Whales are continuing their accumulations more aggressively, making current prices attractive to them.
Furthermore, an outflow of Ethereum from exchanges continues, indicating that institutional players prefer to store assets long-term in cold wallets rather than sell. Similarly, although inflows into Ethereum ETFs have fallen from $15 billion to below $12 billion, most investors still hold onto their assets.
Despite steeper declines compared to Bitcoin ETFs, most investors are retaining their positions.
Recently, BitMine bought an additional 40,000 Ethereum, staking a total of 2.97 million, which constitutes 68.7% of the company’s total holdings, showcasing its long-term commitments. Most major investors, under current conditions, choose to retain or increase their Ethereum rather than exit the market.
