37,806 ETH Exit Dormancy: All ETH Whale Cohorts Underwater for First Time Since 2019

Four Ethereum wallets that sat idle for nearly eight years suddenly activated and sold 33,623 ETH for around $52.5 million at roughly $1,560 per coin. According to Lookonchain, these addresses received 37,602 ETH back in 2017-2018 at an average price of $830, held through the 2021 and 2025 bull markets, when unrealized gains exceeded $150 million, and finally exited in the current downtrend. The same day, analysts noted that for the first time since 2019, all major ETH whale cohorts are simultaneously sitting on negative unrealized profit.

Eight Years of Holding: Who Sold and for How Much

The wallets in question received 37,602 ETH around eight years ago at an average cost of $830. That put their initial outlay at roughly $31.2 million. According to Lookonchain, on Thursday June 26, 2026, these addresses sold 33,623 ETH for around $52.5 million at approximately $1,560 per coin. Realized profit over the entire holding period came to around $27.4 million, or roughly 88% of the original cost basis.

For context: in 2021, when ETH traded above $4,000, the unrealized profit on these wallets exceeded $150 million. During the 2025 bull run the figure again reached nine-digit territory. Choosing to exit at $1,560 suggests the owners either do not expect a quick recovery, or decided to take profit after a long wait, even if it represents a fraction of what was on paper at the peak.

These addresses held through November 2021, when ETH traded above $4,800, and through 2025, when the asset again reached similar levels. At the 2021 peak, unrealized profit exceeded $150 million. Exiting then would have locked in a result three to four times better than today's, yet the position stayed open through both highs and closed at much lower numbers. Behavioral economists describe this as the disposition effect: holders delay taking profits until the market turns and the exit price they are prepared to accept has already fallen well below what was once available.

Who Is Buying: Whales on the Other Side

The OG wallet exit coincided with notable buying from other large players. Lookonchain reported that one whale swapped 464 BTC (worth $27.6 million) for 17,750 ETH, rotating capital into Ether. Investor Chun Wang acquired 9,937 ETH and 147 wrapped BTC. Over the past month, Wang withdrew roughly 87,000 ETH from Binance at an average price of $1,749 per coin.

BlackRock's transfer of 41,996 ETH and 4,577 BTC to Coinbase Prime also drew attention. Analysts typically associate moves to institutional custody platforms with operational or custodial purposes rather than a confirmed market sale. The picture on June 26 is mixed: some large holders are exiting, while others are adding at current prices.

Key Metrics: The Trade and the ETH Market

The data shows the OG wallets exited at a steep discount to the possible maximum: selling at $1,560 versus a peak above $4,000 left roughly $80-90 million of additional profit uncaptured. But after eight years of holding, any price above $830 is technically a win.

First Time Since 2019: All Major ETH Whale Cohorts Underwater

Analyst Darkfost flagged a rare market condition: the unrealized profit/loss ratio for every ETH whale cohort (from 1,000 ETH to over 100,000 ETH) went negative at the same time. The last occurrence was in 2019. According to the analyst, past episodes when whale conviction was tested at similar price levels often aligned with long-term bottom zones forming.

Negative unrealized positioning does not equal mass selling. Chun Wang, who has been buying ETH at an average of $1,749 over the past month, is deeper in the red than most holders, yet continues adding. The gap between whales locking in OG profits and those willingly entering at a loss to build a larger position shows how split sentiment is at the top of the market.

In 2019, ETH traded mostly between $100 and $280. Whale cohorts that built positions during that period saw returns of 15-20 times their entry price over the following two years. The current context differs: ETH is falling from above $4,000, not from $200, so the absolute size of unrealized losses is far larger. Still, the simultaneous negative shift across all cohorts remains a rare signal that analysts watch alongside the fear-and-greed index and forced liquidation volumes.

$1,500 Support and the Bear Case to $1,070

On June 26, ETH dropped to $1,510 during the broad market sell-off but avoided setting new yearly lows even as Bitcoin hit fresh 2026 lows. Trader Ardi described $1,500 as the key long-term support: daily closes below that level would challenge the bullish assumptions built since the 2022 bear market. The zone has defended the price through several major corrections since mid-2022.

Trader Cyclops laid out the bear case: the $1,070-$1,370 range as a potential accumulation zone, citing demand established in early 2023. A move into that zone would also break ETH's multi-year ascending trendline, potentially delaying any sustained recovery. With ETH holding just above the key zone and whales divided, the direction remains unresolved.

The Common Thread: Patience and Exit Thresholds

The eight-year hold of the OG wallets (exited at just $1,560) shows that "long-term convicted holders" are not a monolithic group. Some hold through any low targeting $10,000 or more. Others exit at the first real opportunity after a long wait, even if the market once gave them $150 million on paper. The gap between Chun Wang buying at $1,749 with intent to hold and OG wallets selling at $1,560 after eight years reflects different behavioral models inside what analysts label one "whale cohort."

The market is always divided between participants with different time horizons and cost bases. A holder who entered at $830 in 2017 and exits at $1,560 in 2026, and one who buys today at $1,749, are making decisions inside different frameworks. Their meeting on the same asset at nearby prices is what generates liquidity: one exits, another enters.

Quantitatively, the market saw around $52.5 million in new supply from old coins and around $27.6 million in demand via the BTC-to-ETH swap. The net pressure from these transactions is small against total daily ETH trading volume. The signal value lies in the timing: dormant coins from 2017 chose to exit now rather than when the price was twice as high. That gives analysts something concrete to work with when assessing where "old money" sees the market.