Ethereum (ETH) is experiencing significant selling pressure in January 2026, as whale wallets and institutional players have moved over 110 million USD in ETH to the largest exchanges.
At the same time, the Coinbase premium index indicates a weakening demand in the US market. However, the growing demand for staking and favorable technical signals allow for cautious optimism regarding further altcoin movements.
Large transfers of Ether signal increased activity from whales and institutions.
On-chain data shows a wave of large transactions on Ethereum. The analytics firm Lookonchain reported that a wallet marked as 0xB3E8, which began trading ETH eight years ago, transferred 13,083 ETH worth approximately 43.35 million USD to the Gemini exchange last week.
Despite recent movements, the wallet still holds 34,616 ETH, valued at around 115 million USD.
In addition to whales, institutional players have also made significant transactions. Lookonchain noted that the Ethereum treasury company FG Nexus sold 2,500 ETH worth approximately 8.04 million USD.
Moreover, the previous sale by this company took place in November 2025. At that time, on November 18 and 19, the company transferred 10,975 ETH to Galaxy Digital. It currently holds 37,594 ETH valued at around 119.7 million USD.
Additionally, data from Lookonchain revealed that a wallet likely linked to the Fenbushi Capital fund transferred 7,798 ETH worth 25 million USD to Binance. The tokens were staked for two years before re-entering circulation.
It is worth noting that market participants often view such deposits to exchanges as an early signal of possible sales. This occurs because assets are moved to centralized platforms for liquidity or transaction execution.
However, these transfers do not always signify immediate sales. The funds may also serve for internal balancing, collateral, hedging strategies, or over-the-counter settlements. As a result, while deposits increase short-term selling risk, they do not confirm that liquidation is inevitable.
In parallel to these on-chain movements, market indicators provide additional context. The Coinbase premium index, measuring the percentage difference between the price on Coinbase Pro (USD pair) and the price on Binance (USDT pair), is below zero. This suggests relatively less interest from institutional investors in the USA.
The Ethereum staking ecosystem shows consistent demand. According to validator queue data, 2.7 million ETH is waiting in line to start staking, resulting in a 47-day wait. Such a large number of pending requests demonstrates strong interest in participating as validators and long-term support for the network.
Additionally, the comparison of entry and exit queues deserves attention. 36,960 ETH is waiting to exit staking. This imbalance suggests that while some large holders are selling, the broad base of validators still wants to earn from staking and maintain network security.
On another note, market analysts point to technical signals suggesting further growth potential for this asset. Discussing the current situation, analyst Crypto Gerla emphasized that ETH appears to be in a phase of re-accumulation. The expert added that a move towards 3,600 USD is possible.
According to the latest data from BeInCrypto Markets, the price of Ethereum was 3,166.51 USD, dropping by 1.11%. Selling pressure may still affect the price, but there is a chance that the altcoin will regain upward momentum. Therefore, it is worth closely monitoring this trend in the near future.
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