Ethereum Faces Historic Three-Quarter Decline — Will ETH Manage to Break the Losing Cycle?

Ethereum has been under significant pressure over recent quarters, and what makes the situation particularly intriguing is the sharp divide between institutional players. The question on everyone's mind: is ETH experiencing a temporary setback, or is a prolonged downturn becoming the new reality?

According to quarterly returns data from CoinGlass, Ethereum closed Q4 2025 in negative territory and has continued declining through Q1 and Q2 of 2026. Should the current quarter also end in the red, it would mark an unprecedented milestone — Ethereum's first-ever streak of three consecutive losing quarters. While ETH has weathered sharp corrections in the past, the asset typically staged a recovery within a quarter or two. The fact that selling pressure has persisted this long is raising alarm bells among bulls, and traders are unlikely to regain confidence until a clear recovery signal emerges.

One of the most striking aspects of the current market dynamic is that major institutional players are moving in completely opposite directions. Data from Arkham Intelligence reveals that BlackRock has been depositing both Bitcoin and Ethereum to Coinbase Prime while simultaneously offloading ETH for seven consecutive trading days. The last time the asset management giant made a purchase of ETH was approximately two weeks ago — a notable absence given the firm's market influence.

In stark contrast, Bitmine — the firm associated with prominent analyst Tom Lee — has been aggressively accumulating Ethereum. The company added another 27,084 ETH to its portfolio, valued at roughly $42.5 million, bringing its total holdings to an impressive 5.7 million ETH. That figure represents approximately 4.72% of Ethereum's entire circulating supply, making Bitmine one of the largest known holders of the asset.

At the time of writing, Ethereum was trading near the $1,577 mark, still unable to reclaim the psychologically important $1,600 threshold following its recent drop. The Relative Strength Index (RSI) remained weak, suggesting that buyers have yet to reassert dominance over the market structure.

However, not all technical indicators are pointing in a bearish direction. The Chaikin Money Flow (CMF) indicator edged slightly into positive territory, signaling that capital has not completely exited the market despite the unfavorable price action. In this context, BlackRock's selling activity has undeniably added downward pressure, yet Bitmine's aggressive accumulation is preventing the market from becoming entirely one-sided.

For Ethereum to shift the current narrative, a decisive move back above the $1,600 level — followed by sustained consolidation above it — will be essential. Until that happens, the broader quarterly trend remains the most telling indicator of where ETH is headed.

In summary, Ethereum is on the verge of recording its first-ever three-quarter losing streak, a historic and concerning development for long-term holders. The ongoing tension between BlackRock's seven-day selling streak and Bitmine's accumulation of 5.7 million ETH encapsulates the broader uncertainty gripping the market. The coming weeks will be critical in determining whether ETH can reverse course or sink deeper into bearish territory.