The Ethereum ($ETH) market is experiencing contrasting whale activity, with some offloading at significant losses while others seize opportunities to accumulate during the downturn.  

Whales Dump ETH at a Loss  

In a striking move, three wallets—likely controlled by the same whale—sold 10,070 ETH for $33 million in DAI at $3,280 nine hours ago, incurring a $1 million loss. This whale had previously withdrawn 24,029 ETH ($81.3M) from Binance via 10 new wallets three weeks ago and now holds 13,959 ETH ($45.48M).

Earlier today, the whale liquidated all 24,029 ETH for $78 million at an average price of $3,248, resulting in a total loss of $3.27 million. Following this sell-off, ETH prices dropped below $3,000, reflecting bearish sentiment.

Whales Accumulate as Prices Drop  

Despite the sell pressure, some whales are taking advantage of the declining market. A wallet associated with Longling Capital withdrew 10,000 ETH ($30.76M) from Binance. The whale also borrowed $9 million USDT from Aave, which was subsequently deposited

Currently, three whales control a staggering 43.14% of Ethereum’s total supply, highlighting their influence on market dynamics.

Key Levels for Ethereum  

Ethereum faces critical resistance between $3,360 and $3,450, with support zones ranging from $3,066 to $3,160. These levels will play a pivotal role in determining Ethereum’s short-term price direction.

ETF Outflows Reflect Market Uncertainty  

From January 6 to January 10, Ethereum spot ETFs saw a net outflow of $186 million. While BlackRock’s ETF (ETHA) recorded a net inflow of $124 million, Fidelity’s ETF (FETH) experienced a substantial outflow of $276 million.

Conclusion

As Ethereum navigates these turbulent times, contrasting whale activity and ETF movements reveal a divided market sentiment, leaving traders and investors to carefully monitor key levels and trends.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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