Since its establishment, Ethereum has been experiencing one of its most unstable periods. The base layer usage has plummeted, core metrics are nearing multi-year lows, and even co-founder Vitalik Buterin has proposed a radical architectural reform plan.

Institutional investors have not been idle. Blockchain data shows that long-term supporters like Galaxy Digital and Paradigm have been reducing their ETH holdings in recent weeks.

Since April, Ethereum's base layer activity has continued to shrink. Network fees are declining, and inflation rates are rising. Although layer two networks continue to develop, they are encroaching on the value capture of the base layer.

However, this story is not entirely about the decline of Ethereum. Some major whales are viewing this downturn as a rare buying opportunity. Even those investors who are selling ETH cannot completely let go.