Ethereum Whales Split as Accumulation and Selling Clash in January

Ethereum (ETH) is facing market pressure, dropping over 10% in the past week and struggling below $3,000, leading to conflicting actions among large holders, or whales, in late January 2026. On one side, significant accumulation is occurring, with one whale address purchasing 70,013 ETH worth about $203.6 million over five days, reinforcing a trend of declining exchange reserves suggesting long-term storage. Simultaneously, capital rotation is evident as some whales swap Bitcoin for ETH. However, selling pressure is also present; an early whale deposited 50,000 ETH into Gemini after nine years of dormancy, signaling potential profit-taking, and another whale sold 5,500 ETH after buying at higher prices. Despite this mixed whale activity, Ethereum's underlying network fundamentals show strength, with the seven-day simple moving average of active addresses hitting an all-time high, indicating robust utility and potentially signaling future upward price momentum.

(Source：BeInCrypto)