- Ethereum whales reduce holdings amid price decline.
- ETH price falls below $3,000 support level.
- Market sees significant asset redistribution.
Ethereum whale holdings have decreased by over 2 million ETH in January 2026, with major implications seen as the ETH price falls below $3,000 support.
This decline signifies heightened market volatility, with whale activities and ETF outflows impacting Ethereum’s valuation and investor confidence.
Ethereum whale holdings declined, showing a steady reduction from January’s start. As of January 23, less than 29 million ETH were held, a drop from over 31 million initially, according to Santiment data shared on X.
The decline involved key players like Trend Research, which borrowed USDT to purchase ETH, and whale wallet 0xeA00, which swapped 120 BTC for ETH. According to Lookonchain, an on-chain analyst, “Another whale has rotated from $BTC into $ETH. Whale 0xeA00 swapped 120 $BTC ($10.68M) for 3,623 $ETH over the past 2 days.”
Some whales still exhibited increased holdings despite the overall negative trend.
ETH’s price fell, breaking crucial support levels, reaching $2,800 by January 25. The sell-off aligns with historical patterns, further indicated by affected BTC-ETH rotations observed during the period.
Notably, ETH ETFs suffered, with cumulative net inflows dropping to $12.30 billion — the lowest since mid-August. Outflows reached above $600 million, reversing previous gains and impacting institutional confidence.
No statements were made by Ethereum’s leadership or regulators. However, analysts highlighted previous patterns where ETH’s rejection at moving averages led to corrections, predicting a downward extension. Merlijn The Trader, an analyst, commented on X, “ETH’s rejection at the 200-day moving average (~$3,300) has historically led to double-digit corrections, with the current retracement potentially extending 20% further.”
On-chain data suggests net selling pressure against limited bullish signals. With experts foreseeing potential 20% retracement, the market remains watchful on upcoming regulatory announcements or whale movements.
