$ETH whales are underwater 🐋

On-chain data shows large holders sitting at unrealized losses.

Historically, every time whale cohorts dropped below cost basis, panic peaked — and a macro bottom followed.

• Weak hands already flushed

• Retail sentiment exhausted

• Smart money quietly re-accumulating

Forced selling usually happens early, not late.

That’s where volatility compresses.

That’s where fear feels real.

That’s where reversals are born.

Watching this zone closely.

If history even rhymes — this isn’t distribution, it’s absorption.

Bottoms don’t feel bullish.

They feel exactly like this.