Ethereum whales split as buying and selling clash in January

Ethereum whale activity diverged in late January as some large holders accumulated ETH on dips while others moved sizeable balances to exchanges, signalling a tug-of-war between long-term positioning and distribution.

Ethereum has erased its early 2026 gains, trading below $3,000 and down nearly 5% year to date as broader market pressure weighs on prices.

On-chain data showed notable accumulation, including one OTC-linked wallet buying more than 70,000 ETH worth over $200 million in recent days.

Other large holders rotated capital into Ethereum, swapping Bitcoin exposure for ETH amid shifting portfolio strategies.

In contrast, a long-dormant Ethereum wallet deposited 50,000 ETH into Gemini after nine years of inactivity, raising concerns of potential selling pressure.

Additional wallets were observed selling ETH at a loss after buying at higher levels earlier in the month, reflecting uncertainty among short-term traders.

Despite mixed whale behaviour, Ethereum network fundamentals remained strong, with active addresses hitting a record seven-day average high.

Analysts noted a bullish divergence between price action and network activity, suggesting underlying demand and usage continue to grow despite market volatility.

At the time of reporting, Ethereum price was $2,888.54.