Ethereum whale activity: $110 million worth of ETH transferred to CEX, is this selling pressure or a strategic move?

January 20 News, as the overall crypto market remains under pressure, Ethereum (ETH) experienced significant on-chain movements in January 2026. Multiple large transfers indicate that whale wallets and some institutions have moved a total of over $110 million worth of ETH in the short term, drawing high market attention to potential selling pressure.

On-chain data tracking shows that a long-term ETH holder, with an active history of over eight years, recently transferred approximately 13,000 ETH to a major trading platform, valued at about $43 million at the time. Despite this transfer, the address still holds over 34,000 ETH, indicating it has not fully exited its position. Meanwhile, an Ethereum custody-related institution has also been continuously selling some ETH, totaling over $8 million, but still maintaining a position worth more than $100 million.

Additionally, a wallet believed to be associated with an Asian venture capital firm transferred nearly 7,800 ETH to another mainstream trading platform. These tokens had been staked for nearly two years, and after re-entering circulation, short-term supply pressure has increased. The market generally views such net inflows into trading platforms as potential sell signals, but industry insiders also point out that these transfers do not necessarily mean immediate selling; they could be used for asset rebalancing, collateral arrangements, or hedging operations.

From the demand side, sentiment in the US market remains weak. The premium indicator, which reflects the strength of dollar-denominated ETH demand, continues to stay in negative territory, suggesting insufficient institutional buying momentum. This signal, coupled with recent macroeconomic uncertainties, also explains one of the reasons for ETH’s lack of a strong rebound.

However, under the shadow of selling pressure, the fundamentals of the Ethereum network still show resilience. Currently, the number of ETH waiting in the staking queue to enter the validator system reaches 2.7 million, with an average wait time of nearly 47 days. The number of withdrawal requests is significantly lower, indicating a strong willingness among long-term participants to contribute to network security and earn staking rewards.

On the technical analysis front, some analysts believe ETH is in a re-accumulation zone, and if market sentiment improves, there is still room for the price to test $3,600. According to the latest market data, ETH is trading at approximately $3,166, with short-term volatility likely to revolve around whale movements, staking demand, and macro risks. For investors interested in Ethereum price trends, whale transfers, and on-chain data, the coming weeks may become a critical observation window.