Ethereum Whales Experience Bear Market-Level Profit Decline, Experts Confirm

The unrealized profit ratio among Ethereum whales has dropped to levels not seen since the last bear market, as reported by [CryptoQuant](https://cryptoquant.com/insights/quicktake/67c76229109d3633d5331619-ETH-whales-unrealized-profit-ratio-A-bear-market-level).

Experts noted that most of the positions held by large holders have returned to their breakeven point from the last downward trend, despite the asset’s price doubling.

The unrealized profit for market participants holding between 1,000 ETH and 10,000 ETH has turned negative.

Analysts pointed out the ongoing «difficult period» for holders of the second-largest cryptocurrency, amidst a further decline in the ETH/BTC ratio and significant [FUD](https://ru.wikipedia.org/wiki/FUD).

It is worth mentioning that Fidelity has described Solana as a «serious competitor» to Ethereum. A similar sentiment has also been voiced at JPMorgan.

Earlier, CryptoRank highlighted the impact of [controversies within the Ethereum Foundation](https://forklog.com/news/vitalik-buterin-anonsiroval-izmeneniya-v-rukovodstve-ethereum-foundation) on the price of the second-largest cryptocurrency by market capitalization.