CryptoQuant analyst Darkfost said that three categories of whale addresses holding 1,000–10,000 ETH, 10,000–100,000 ETH, and more than 100,000 ETH are currently all in a floating loss position. Their unrealized return rates are -0.26, -0.21, and -0.05, respectively. This is the first time since 2019 that all major whale groups have simultaneously been in a floating loss state. The analysis said this condition has persisted for several weeks. Historically, when the ETH market tests whales’ confidence in their holdings, it often corresponds to a periodic bottom area, but this does not mean the market has confirmed that it has bottomed out.