ETH Eyes an Ugly Milestone as Two Heavyweights Pull in Opposite Directions 🪙

Ethereum [ETH] is on track to log its first-ever run of three consecutive negative quarterly returns, according to quarterly data from CoinGlass. The chart shows ETH closed Q4 2025 in red and continued falling through Q1 and Q2 2026, with the current quarter still printing losses if the trend holds. Quarterly returns of this length have historically been rare for the asset, which has typically rebounded within one or two quarters following major corrections.

Institutional flows around ETH have split sharply during the slide. BlackRock has reportedly deposited more Bitcoin [BTC] and ETH to Coinbase Prime and has sold ETH for seven straight trading days, with its last ETH purchase recorded roughly two weeks ago. The selling has added visible pressure to the tape.

On the other side of the trade, Tom Lee's Bitmine has continued buying aggressively. The firm added another 27,084 ETH, valued at approximately $42.5 million, lifting its total holdings to 5.7 million ETH. That figure represents about 4.72% of Ethereum's total supply.

ETH was trading near $1,577 at press time, still struggling to reclaim the $1,600 level after its recent drop. The Relative Strength Index (RSI) remained weak, indicating buyers had not yet regained control, while the Chaikin Money Flow (CMF) ticked slightly positive, signaling that capital is still flowing into the asset despite the bearish price action.

The divide between sustained institutional selling and continued accumulation has kept the market from appearing entirely one-sided, though the quarterly trend remains the dominant signal for traders watching for a confirmed reversal.