Ethereum [ETH] has struggled in recent quarters, but what stands out is the divide among major players. Is ETH simply going through a rough patch, or is it about to fall further for good?
Ethereum’s first 3-quarter losing streak
Per the quarterly returns chart from CoinGlass, ETH closed Q4 2025 in red and has continued to fall through Q1 and Q2 2026. If this quarter ends the same way, this would be Ethereum’s first-ever run of three consecutive negative quarters.
ETH has seen big corrections before, but it has usually recovers within the next quarter or two. This time, the sell pressure has lasted longer, so it’s more concerning for bulls.
Traders will probably stay nervous until ETH recovery becomes obvious.
Blackrock sells, Bitmine buys
What makes this peculiar, is that big institutions are not moving in sync. BlackRock has reportedly deposited more Bitcoin [BTC] and ETH to Coinbase Prime and has sold ETH for seven straight trading days. Its last ETH buy was around two weeks ago.
But on the other side, Tom Lee’s Bitmine is still buying aggressively. The firm added another 27,084 ETH, worth about $42.5 million, taking its total holdings to 5.7 million ETH. That is around 4.72% of Ethereum’s total supply.
ETH is struggling right now
Ethereum was trading near $1,577 at press time, still struggling to reclaim the $1,600 level after its drop. The RSI was weak, so buyers have not taken back control yet.
The CMF went slightly positive, so capital is still in despite the bearish price action. If you think about it, BlackRock selling has added pressure, but Bitmine’s buying keeps the market from looking completely one-sided.
ETH really needs a move back above $1,600, and must hold there for success. Until then, the quarterly trend is the bigger signal.
Final Summary
- Ethereum could close its first-ever 3-quarter losing streak soon.
- BlackRock’s 7-day ETH selling streak is clashing with Bitmine’s 5.7M ETH accumulation.