40% of Ethereum Supply Slips Into Loss as Whales Take Opposing Positions

As December draws to a close, Ethereum (ETH) holders are facing increasingly challenging market conditions. On-chain data shows that more than 40% of Ethereum’s supply is currently held at a loss. Notably, ETH holders are responding to mounting losses in sharply different ways, with some capitulating and others continuing to accumulate despite deep unrealized drawdowns. Ethereum Holders’ Positions Sink Underwater as ETH Slides Ethereum has closed the past three consecutive months in the red, with November alone posting a steep 22 source: https://beincrypto.com/ethereum-whale-losses-december-2025/