Ethereum (ETH) is going through a rough patch in 2025, and it’s not just regular investors who are feeling the heat. Some of the biggest ETH holders — often called “whales” — are selling off large amounts of their coins, which is adding even more pressure to its already weak price.
Big Investors Jumping Ship
Since the start of the year, Ethereum’s price has dropped by a whopping 51.3%, making it one of the worst-performing major cryptocurrencies this year. While the entire crypto market has been affected by global economic problems (like interest rate hikes and inflation), Ethereum seems to be taking it harder than most.
Just last week, ETH dropped to price levels not seen since March 2023. Although there was a slight recovery after the U.S. paused certain tariffs, the bounce-back has been small. At the time of writing, ETH was trading at around $1,623, up just 0.3% in 24 hours.
Wealthy Wallets Are Shrinking
According to Glassnode, the number of wallets holding at least $1 million worth of ETH has fallen sharply this year. It’s now at its lowest level since January 2023, showing that many high-net-worth investors are no longer confident in Ethereum’s short-term future.
On April 14, a major whale moved 20,000 ETH (worth $32.4 million) to Kraken, most likely to sell. This same whale still holds 30,874 ETH (about $50.7 million) and has already made a profit of over $104 million from past trades.
Another notable example: A long-time ETH holder from the 2015 Ethereum ICO (initial coin offering) has been selling their stash. On April 13, this whale sold 632 ETH (about $1 million). So far in April alone, they’ve sold over 4,800 ETH (worth around $8 million). And here’s the kicker — they bought their ETH back when it cost just 30 cents per coin. They still hold over 30,000 ETH.
Dormant Wallets Are Waking Up
Old ETH wallets that hadn’t been active for years are also starting to move their coins. One such wallet, which withdrew 3,019 ETH back in 2020, made its first major move in years by transferring 1,000 ETH to Binance on April 11, and another 1,000 ETH on April 13.
Fortunately, that particular wallet has only about 1,000 ETH left, so it probably won’t have a huge impact on the market. But the trend is clear — whales are selling, and that’s making other investors nervous.
Most ETH Holders Are Currently Losing Money
Right now, only 36.1% of Ethereum holders are in profit, according to Glassnode. That means almost two-thirds of people who own ETH are sitting on losses.
Because of this, some market watchers are drawing bold comparisons. One analyst said Ethereum’s current decline reminds them of Nokia’s fall in the late 2000s — once the king of mobile phones, Nokia was eventually overtaken by faster, more innovative competitors like Apple and Samsung. In Ethereum’s case, rivals like Solana (SOL) are now faster and more scalable, which is raising concerns about ETH’s future.
Not All Hope Is Lost
Despite the gloom, some experts are still optimistic. They point out that Ethereum is working on upgrades to improve speed and reduce transaction fees, which could attract more users. Others believe the recent sell-off is simply an overreaction and that ETH is undervalued at current prices.
