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The Coinbase premium indicator for Ethereum is still negative, indicating selling pressure from American investors.
The unrealized profit ratio for whales is approaching zero as large holders of the currency near the breakeven point.
The number of active sending addresses has reached its lowest level this year, reflecting weak participation from individual investors.
Ethereum appears to be heading towards a fourth consecutive monthly decline in December, putting pressure on large investors who have accumulated it throughout the year. The Coinbase Premium index turned negative during the third week of December, indicating selling pressure from traders in the United States.
The index measures the percentage difference between Ethereum prices on Coinbase Pro versus the US dollar versus the US dollar versus Tether on Binance. Negative readings indicate a drop in prices on Coinbase, reflecting institutional selling activity. After applying a 30-day exponential moving average filter, the index has remained negative for over a month.
Whale investors are approaching breakeven point.
Data shows the unrealized profit ratio of Ethereum whale investors, tracking addresses that hold between 1,000 and over 100,000 Ethereum, has steadily declined over four months. The ratio has approached zero, indicating that the average investment cost for large investors is now close to current market prices with minimal unrealized profits.
Ethereum Whale Unrealized Profit Ratio. Source: CryptoQuant
Analyst CW8900 from CryptoQuant mentioned that holders of this cryptocurrency have not realized profits during this cycle but have increased their positions. This indicates that the current price range provides an opportunity to buy Ethereum at reasonable prices. Continued accumulation at these prices may suggest a potential market bottom.
However, the bearish analysis raises questions about the outcomes if the downward trend continues for four months. In this case, large investors would face actual losses. Two factors indicate that this possibility still exists as the end of the year approaches.
The number of active sending addresses for Ethereum hit its lowest level in 2025 during December. This indicator shows a clear downward trend with diminished network activity. In the absence of buying pressure from individuals, Ethereum struggles to generate the necessary momentum for price breakouts, even with institutional demand.
CryptoOnchain analysts indicated that the lack of individual participation may limit short-term rallies, as individual flows typically stimulate momentum during the early stages of recovery. The realized price for accumulating Ethereum addresses forms a key support level at around $3,000.
These conditions put large investors in a position that requires action. Selling to recover capital or limit losses may exacerbate the downward pressure. These moves could likely lead to widespread panic selling by institutions if support levels do not hold until the end of December.$ETH
