2026-02-11 10:34:06
Ethereum drops 30% but still sees whales adding positions. Will the market reverse after ETF positions are deeply trapped?
On February 11, news reports indicate that since 2026, Ethereum (ETH) has continued to weaken, with a total decline of over 30% this year, and the price has once fallen below the $2,000 mark. The latest data shows that ETH is currently trading at approximately $1,971. The main holding groups—including long-term accumulated addresses and ETF investors—have all entered an unrealized loss zone, but there has been no panic outflow of funds. The market presents a complex pattern of “price pressure and stable chips.”
On-chain analyst CW8900 pointed out that the current ETH price has fallen below the realized average price established during the whale accumulation period since June 2025, indicating that a large number of core addresses are in floating loss. Meanwhile, the on-paper loss of the world's largest Ethereum vault, BitMine, has exceeded $7 billion. However, data shows that these addresses have not withdrawn en masse; instead, they have continued to add positions at low levels.
