TL;DR:

FG Nexus sold 7,550 ETH for around $14 million, accumulating total losses of over $82.8 million on its ETH position.
Vitalik Buterin reduced his holdings from 241,000 to 224,000 ETH, completing around 70% of his selling plan to fund privacy projects.
While many liquidate their positions, whales accumulated 8.91 million ETH during the downturn, a clear signal of divergence in the market.

FG Nexus, a treasury and infrastructure company, sold part of its Ethereum holdings again, liquidating around 7,550 ETH for approximately $14 million, according to onchain data from Arkham Intelligence.

The firm had accumulated 50,770 ETH between August and September 2025 for around $196 million, paying an average price of $3,860 per unit. In October of that year it announced its intention to sell a property in Quebec to acquire more ETH, but the price decline reversed that strategy weeks later. To date, FG Nexus has sold just over 21,000 ETH, retaining a balance of 30,094 ETH valued at around $57.5 million. The realized loss exceeds $82.8 million, and its shares have fallen approximately 52% over the past month.

FG Nexus Shares Go Into Free Fall

The situation at FG Nexus is not unique. Other firms with Ethereum treasury strategies are also facing complex financial circumstances. Trend Research liquidated 651,757 ETH on Binance on February 8 for around $1.34 billion, with an estimated realized loss of $747 million. ETHZilla, meanwhile, liquidated $74.5 million in ETH to redeem convertible debt, and its shares have fallen 97% from their all-time high. Even Founders Fund, Peter Thiel’s fund, exited entirely from its ETHZilla position last week.

Whales Buy While Funds Sell

Alongside these liquidations, Santiment data shows the opposite behavior among large holders. Between January 27 and February 6, as the price of ETH fell 43%, whales increased their balances from 104.48 million to 113.39 million ETH, a net accumulation of 8.91 million units valued at around $18.7 billion at estimated average prices. At the same time, open interest in derivatives collapsed from $15.9 billion to $8.73 billion, evidencing a massive purge of leverage.

Exchange data also points toward accumulation: on February 23, net outflows of 227,300 ETH were recorded, and the net position change metric for long-term holders turned positive on February 21. Vitalik Buterin, meanwhile, reduced his holdings from 241,000 to 224,000 ETH through fractioned swaps on CoW Protocol, completing around 70% of his plan to allocate 16,384 ETH to privacy and open hardware projects.

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Filed under: News - @ February 25, 2026 1:24 pm