As Ether (ETH) plummets into its longest weekly losing streak since 2022, the crypto market is closely watching the activity of its whales. Since the start of 2026, roughly 2 million ETH has been traded in large-sized transactions over the past 45 days, a significant drop from the usual volume, according to data from CryptoQuant.
The average ETH whale sell orders on Binance have fallen to around 1,350 ETH in recent weeks, down from roughly 2,250 ETH in early January. Assuming 15 to 35 whale-sized executions per day, the cumulative gross sell-side turnover since Jan. 8 is estimated at around 1.8 to 2 million ETH over the past 45 days. Using an average price of $2,400, this activity equates to roughly $4.3 billion to $4.8 billion in large-order executions.
Declining Whale Activity Signals Market Caution
Crypto analyst Darkfost points out that the decline in the average order size suggests a ‘gradual disengagement’ from larger participants. Smaller traders, on the other hand, continue to transact at stable volumes, indicating that bigger players are reducing their direct interaction with the order books. This shift highlights a temporary thinning of market depth, making ETH more susceptible to sharp price imbalances in the short term.
ETH Accumulation Despite Price Drop
Despite the bearish trend, ETH accumulation addresses have added more than 2.5 million ETH in February, even as the price fell about 20%. Total holdings climbed to 26.7 million ETH from 22 million at the start of 2026, signaling steady demand beneath the surface. This accumulation suggests that long-term investors are taking advantage of the lower prices to build their positions.
Historical Context and Future Outlook
Ether is now in its sixth straight week of losses, marking the longest uninterrupted weekly decline since the 10-week drawdown between March 2022 and June 2022. That earlier period of decline occurred during a broader bear market and eventually led to a cycle bottom before prices stabilized. If the current trend continues, a broad weekly demand zone between $1,384 and $1,691 may come into focus, an area that previously acted as accumulation during the early stages of the 2023 rally.
Futures market liquidation data shows more than $2 billion in short positions clustered around $2,000, creating a dense liquidity pocket that may act as a near-term magnet for Ether’s price. On the downside, approximately $682 million in long positions remain at risk if Ether drops to $1,600, indicating thinner liquidity compared to the upside cluster.
Analyst Views and Market Sentiment
Crypto trader RickUntZ remains optimistic, citing signs of underlying demand in the current market structure. He believes there is potential for a V-shaped rebound from current levels, with the $2,000 liquidation band remaining the next key resistance to break. However, the sustained selling pressure and weakening momentum on the higher timeframe suggest that the road to recovery may be bumpy.
In conclusion, while Ether’s bearish streak is concerning, the underlying accumulation and potential for a V-shaped rebound offer a glimmer of hope. The market’s resilience and the strategic positioning of whales will be crucial in determining ETH’s next move. As always, investors should exercise caution and conduct thorough research before making any decisions.
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