Ethereum Whales Increase Holdings Amid Price Decline, Face Unrealized Losses

• Ethereum whales bought 30k+ ETH at $1,578–$1,700, now facing $5.7M losses as price drops to $1,490.
• SOPR hits six-month low; exchange ETH reserves rise to 18.5M, signaling elevated sell-side liquidity risks.

Ethereum (ETH) traded at $1,490 this week, a 16.8% drop from prior levels and its lowest price in two years. During the decline, two large investor groups acquired ETH, signaling attempts to capitalize on lower prices.

The first, labeled “ 7 Siblings ” purchased 25,100 ETH for $42.66 million at an average price of $1,700. A second entity borrowed 8.25 million DAI stablecoins to buy 5,227 ETH at $1,578. Both groups now hold unrealized losses totaling $5.27 million and $460,000, respectively.

Whales are buying $ETH during the dip in the past 12 hours as the market crashed!

1️⃣ The mystery group “7 Siblings” spent $42.66M to buy 25,100 $ETH at ~$1,700, then supplied all tokens to #Aave .

2️⃣ Whale “0x709” borrowed 8.25M $DAI from #Spark to buy 5,227.3 $ETH at ~$1,578.… pic.twitter.com/hQZBpfPT7F

— Spot On Chain (@spotonchain) April 7, 2025

The Spent Output Profit Ratio (SOPR), which measures whether sellers are realizing profits or losses, fell to a six-month low. A SOPR below 1.0 indicates most transactions result in losses, raising the risk of further selling as holders seek to limit declines.

Concurrently, ETH reserves on exchanges rose from 18.21 million to 18.50 million between April 1 and April 10, signaling increased sell-side liquidity.

Giant whales are scrambling to stay afloat with their $ETH long positions!

1️⃣ Whale “0x7d6” holding 270K $ETH ($395M) on #Maker repaid 3.52M $DAI and deposited 60K $ETH to bring their liquidation price down to $912.

2️⃣ Whale “0xab7” with 49,018 $ETH ($72M) on #Aave sold 7,976… https://t.co/RGIssoMVr6 pic.twitter.com/vYJKmF3UlE

— Spot On Chain (@spotonchain) April 7, 2025

Retail traders, defined as those holding smaller amounts, contributed to the imbalance. Many reduced exposure or waited for Bitcoin’s price to stabilize before re-entering. Without sustained buying from larger investors, ETH’s price remains vulnerable.

Ethereum’s futures market saw $349.59 million in long-position liquidations over recent sessions, as leveraged bets turned unfavorable. Despite this, the Estimated Leverage Ratio (ELR)—a measure of borrowed funds relative to spot holdings—rose. Higher leverage during downtrends often precedes volatility, as traders risk margin calls if prices fall further.

Whale Strategy Hinges on Rebound

The “7 Siblings” and other accumulators require ETH’s price to recover above $1,700 to avoid cutting losses. Historical patterns show such strategies sometimes precede rebounds but can fail if sell pressure overwhelms demand. For now, ETH’s path depends on two factors: whether whales continue buying and if exchange reserves stabilize.

Ethereum’s network activity offers limited support. Transaction counts and decentralized application usage remain subdued compared to prior cycles. Until macroeconomic conditions or protocol upgrades shift sentiment, ETH’s trajectory may mirror Bitcoin’s movements, which face similar headwinds.

Ethereum (ETH) is currently priced at $1,553.53 USD, with a 24-hour trading volume of approximately $48.56 billion and a market capitalization near $187.27 billion. In the past 7 days, ETH has dropped 14.81%, reflecting the broader market correction, although it’s still holding a strong position as the #2 cryptocurrency globally. Despite this dip, ETH remains up nearly 30% over the last 30 days, indicating sustained investor interest and network strength.

The price is fluctuating between $1,431 and $1,608 in the past 24 hours, showing some rebound potential after the recent pullback. As ETH consolidates , traders are closely watching the $1,500 level as short-term support. Holding above this could signal a bullish recovery, especially with high volume indicating strong market activity.