$ETH whales are underwater 🐋

On-chain data shows large holders sitting at unrealized losses.
Historically, every time whale cohorts dropped below cost basis, panic peaked — and a macro bottom followed.

• Weak hands already flushed
• Retail sentiment exhausted
• Smart money quietly re-accumulating

Forced selling usually happens early, not late.
That’s where volatility compresses.
That’s where fear feels real.
That’s where reversals are born.

Watching this zone closely.
If history even rhymes — this isn’t distribution, it’s absorption.

Bottoms don’t feel bullish.
They feel exactly like this.