According to Milk Road, Ethereum has surged more than 50% and is now trading above the realized price for most major wallet cohorts, including whales. On-chain data shows average cost bases for large holders: 100–1k ETH at $2,225, 1k–10k ETH at $2,196, and 10k–100k ETH at $1,994 (source: Milk Road, May 16, 2025). This breakout above key psychological and realized price levels signals strengthened bullish sentiment among institutional and whale investors. For traders, this shift often precedes increased volatility and potential for further upside, as large holders are now in profit, reducing immediate selling pressure and attracting new market participants.