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For the first time this cycle, Ethereum whales are underwater 👀

Per NS3.AI, holders with 1K–10K, 10K–100K, and 100K+ ETH are now sitting on unrealized losses.

Meanwhile, low-conviction retail has already exited—raising the question: capitulation or whale accumulation phase?

#eth $ETH

ETH
ETH
2,085.85
-3.66%