Ethereum Whales Take Opposing Accumulation Bets as 40% of Supply Stays in Loss

Ethereum Supply in Profit.

The growing number of underwater positions has prompted different responses from major holders. Some are exiting while others continue accumulating despite mounting paper losses.

Prominent investors reduce Ethereum exposure

Erik Voorhees, founder of Venice AI, deposited 1,635 ETH worth approximately $4.81 million into THORChain to swap for Bitcoin Cash.

Lookonchain reported this transaction follows a similar move earlier this month when Voorhees swapped ETH for BCH from a wallet inactive for nearly nine years. The repeated transactions signal a clear portfolio shift away from Ethereum.

Arthur Hayes has also transferred ETH to exchanges. Hayes stated he is “rotating out of ETH and into high-quality DeFi names,” citing expectations that select tokens could outperform Ethereum as fiat liquidity conditions improve.

Winslow Strong, partner at Cluster Capital, transferred 1,900 ETH and 307 cbBTC to Coinbase totaling approximately $32.62 million.

An on-chain analyst noted the ETH was withdrawn one month ago at an average price of $3,402.25, while cbBTC was accumulated between August and December 2025 at $97,936.68 average. If sold, the total loss would reach approximately $3.907 million.