Ethereum (ETH) has experienced a steep decline throughout June, pushing all major whale cohorts into unrealized losses for the first time since 2019—a rare event that historically coincided with macro price bottoms. As of June 26, ETH traded around $1,557, marking a 23.5% loss over 30 days and a 6.7% drop in the past week alone.
On-chain data from CryptoQuant reveals that every tier of large ETH holders is underwater. Wallets containing 1,000 to 10,000 ETH face a 26% unrealized loss, those holding 10,000 to 100,000 ETH are down 21%, and even the largest cohort with over 100,000 ETH shows a 5% loss. Analyst Darkfost noted that historically, periods when Ethereum whales were in the red aligned with market lows, suggesting a potential bottoming pattern—though nothing is certain.
Adding to bearish pressure, spot ETH ETFs are on track for seven consecutive weeks of net outflows, with the current week projected to be the largest since January, per SoSoValue data. Meanwhile, a core development funding warning adds a structural concern: Trent Van Epps, a former Ethereum Foundation member and organizer of Protocol Guild, estimates a funding gap of up to $30 million per year for core development within the next 3–9 months. He noted the Ethereum Foundation's treasury may no longer reliably cover these costs, and new institutions may need to step in.
Ethereum briefly lost its position as the second-largest cryptocurrency by market cap to Tether (USDT) during the day—USDT at $186 billion versus ETH’s $185.66 billion—though ETH later regained a slim lead at around $187.1 billion. Technical indicators show the MACD turning negative with a signal line at -78.35, and key support is seen at $1,510 and the psychological $1,500 level. Resistance lies at $1,710 and $1,774. The Estimated Leverage Ratio fell from 1.11 to 0.85 over three weeks, indicating a significant flush of leveraged positions, which could reduce further downside pressure.
