- ETH unrealized profits remain low, suggesting most investors haven’t taken gains yet—even near local highs.
- Whale wallet 0xCd9 just added $40M in ETH, bringing SharpLink’s total stash to $800M+, now outpacing the Ethereum Foundation.
- Retail interest is still weak, which could hint at a major rally before the crowd catches on.
Ethereum’s sitting pretty close to those highs from March—but that might only be part of the story. On-chain numbers are painting a different picture, and it’s not screaming “top” just yet. Surprisingly, unrealized profits across the network are still low. In other words: most holders haven’t cashed out.
And someone with very deep pockets just threw another $40 million at ETH, part of a much bigger $800M spree linked to SharpLink Gaming. Never heard of ’em? You will. They’re now one of the largest ETH whales—yep, even more than the Ethereum Foundation itself.
Unrealized Gains Are Still… Weirdly Low
Glassnode’s data shows Ethereum’s Relative Unrealized Profit is hanging just below the +1σ (standard deviation) mark. For context, back in March—when ETH almost touched $4K—that same metric was up around +2σ, meaning everyone and their cat was sitting on nice paper gains.
Not this time. The metric’s softer now, which suggests people haven’t taken profits yet. If ETH were to return to that higher zone again? We could be staring at a target somewhere in the ballpark of $4.9K. That’s not hopium—it’s just math. Well, on-chain math.
SharpLink’s Wallet Grows Fatter
So about that whale—0xCd9 just moved another $40 million worth of ETH via Galaxy Digital. All of it’s headed straight into SharpLink Gaming’s wallets.
And here’s the kicker: they’ve now accumulated over $800 million in ETH. That puts them ahead of everyone except Bitmine and The Ether Machine. Even the Ethereum Foundation doesn’t hold as much. Wild.
SharpLink is quickly becoming a heavyweight in the Ethereum arena, and no one’s really making a fuss about it yet. But maybe they should.
Retail’s Still MIA… and That’s Interesting
Meanwhile, retail investors are still snoozing. No stampede yet. According to Google Trends and Wikipedia traffic, searches for stuff like “Ethereum price” or “how to buy Bitcoin” are nowhere near peak cycle levels.
Alphractal calls this the “calm before the FOMO.” And honestly? They might be onto something. Big money’s moving quietly. Retail, for now, is still on the sidelines. That combo has kicked off some of the strongest rallies in the past.
So yeah, Ethereum’s already running hot—but it might not be anywhere near the finish line. Not yet.
