Ether Below Cost Basis as Whale Accumulation Hits Record Levels

The Ethereum price has been trading at $1,906.41, marking a 22.2% decline from its cost basis of $2,450. This makes it the only major asset below its own cost basis.

Despite this, spot ether funds saw inflows of $103.19 million last week, lifting cumulative net inflows to over $11.31 billion. Whale wallets holding between 10,000 and 100,000 ETH have reached a record 19.6 million coins, up from 14 million in mid-2025.

The accumulation data is seen as the strongest structural argument for ether, but it's unclear when this transfer of supply will resolve.