Ethereum (ETH) is experiencing notable selling pressure in January 2026, as whale wallets and institutional players have moved over $110 million worth of ETH to major exchanges.
At the same time, the Coinbase Premium Index indicates weakening demand across the US market. Nonetheless, rising staking demand and supportive technical signals point to a cautiously optimistic outlook for the asset.
On-chain data indicates a wave of large Ethereum transactions. Blockchain analytics firm Lookonchain reported that a wallet identified as 0xB3E8, which began trading ETH eight years ago, transferred 13,083 ETH, worth approximately $43.35 million, to Gemini last week.
Despite the recent movement, the wallet still holds 34,616 ETH, valued at roughly $115 million.
Besides whales, institutional players have also made notable moves. Lookonchain noted that Ethereum treasury company FG Nexus sold 2,500 ETH, worth about $8.04 million.
Furthermore, Lookonchain revealed that a wallet possibly linked to venture capital firm Fenbushi Capital sent 7,798 ETH worth $25 million to Binance. The tokens had been staked for two years before re-entering circulation.
It's worth noting that market participants often view such exchange inflows as an early signal of potential selling, as assets are typically transferred to centralized exchanges to access liquidity or execute trades.