According to CryptoQuant analyst Darkfost, with the ETH pullback, the unrealized profit margins of Ethereum whales have turned negative across all major holding ranges. Holdings of 1,000–10,000 ETH are at -0.21, 10,000–100,000 ETH at -0.18, and over 100,000 ETH at -0.08. If ETH drops further, some whales may face greater pressure.