Ethereum has seen increased selling pressure after more than $110 million worth of ETH was moved to major exchanges in January 2026.
On-chain data showed heightened activity from whale wallets and institutional holders.
Blockchain analytics firm Lookonchain reported that a long-term wallet transferred 13,083 ETH, worth about $43.35 million, to Gemini.
The same wallet still holds more than 34,000 ETH valued at roughly $115 million.
Ethereum treasury firm FG Nexus sold 2,500 ETH worth around $8.04 million, according to Lookonchain.
“Ethereum holding company FG Nexus sold another 2,500 ETH today and still holds 37,594 ETH,”
Lookonchain said.
The firm’s previous sale occurred in November 2025, when it transferred nearly 11,000 ETH to Galaxy Digital.
Another wallet possibly linked to Fenbushi Capital moved 7,798 ETH, valued at about $25 million, to Binance.
The ETH had been staked for two years before re-entering circulation.
Exchange inflows are often viewed as an early signal of potential selling activity.
Analysts noted that such transfers do not always result in immediate liquidation.
The Coinbase Premium Index has turned negative, signalling weaker demand from US-based institutional investors.
Despite selling pressure, Ethereum’s staking activity remains strong.
Validator queue data shows around 2.7 million ETH waiting to enter staking, with a 47-day queue.
Only 36,960 ETH are currently queued to exit staking.
The imbalance suggests long-term confidence among validators despite short-term market stress.
Analyst Crypto Gerla said Ethereum appears to be in a re-accumulation phase.
“A move toward $3,600 could materialise,”
Crypto Gerla said.
At the time of reporting, Ethereum price was $3,124.43.