Ethereum whales are experiencing losses for the first time since 2019, according to CryptoQuant analyst Darkfost. Despite remaining profitable during the 2022 bear market, the largest ETH holders are now seeing negative unrealized profit ratios. Specifically, whales holding 1,000 to 10,000 ETH have a ratio of -0.26, those with 10,000 to 100,000 ETH are at -0.21, and the largest group with over 100,000 ETH is at -0.05. This trend has persisted for several weeks. Darkfost suggests that historically, when Ethereum's market tests the conviction of its largest holders, it often signals the formation of a market bottom. He notes that Ethereum has shown significant resilience despite the current downturn.