The largest Ethereum holding wallets have returned to an unrealized profit state, a signal that has historically coincided with strong price recoveries. The ETH Whales Unrealized Profit Ratio, which tracks wallets holding more than 100,000 ETH, has risen above zero, indicating that these major investors are currently in profit compared to their cost basis.
Data from CryptoQuant from 2017 to early 2026 shows that similar transitions in this indicator occurred in 2019 and 2020, both preceding prolonged upward trends. During bear markets like 2018 and 2022, the index dropped sharply into negative territory as prices plummeted. Each recovery that brought the index back into positive territory often marked the cycle’s bottom and signaled the start of a new upward phase.
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