Ether Whale Activity Diminishes as $2 B Short Cluster Hovers Near $2 K
February 24 2026
Ethereum (ETH) is navigating its most prolonged weekly decline since the 2022 bear market, while on‑chain data suggests that large‑scale participants are pulling back from the spot market. At the same time, futures markets show more than $2 billion of short positions concentrated around the $2,000 price level, creating a critical liquidity wall for the cryptocurrency.
Whale sell orders on Binance shrink
- Average order size: According to CryptoQuant, the typical ETH whale sell order on Binance has slipped to roughly 1,350 ETH in recent weeks, down from about 2,250 ETH at the start of the year.
- Volume estimate: Assuming 15–35 whale‑sized executions each day, the cumulative gross sell‑side turnover since 8 January is estimated at 1.8–2 million ETH over the past 45 days.
- Dollar value: Using an average price of $2,400, that activity translates to $4.3 billion–$4.8 billion in large‑order execution. The figure represents gross volume and may include hedging or liquidity‑providing trades rather than pure net outflows.
Crypto analyst Darkfost interprets the downtrend in order size as a “gradual disengagement” by the biggest market participants. While retail and midsize traders continue to trade at relatively stable volumes, the reduced presence of large orders is thinning market depth, leaving the ETH order book more vulnerable to rapid price swings.
Accumulation persists beneath the surface
- Address inflows: In February, a set of accumulation addresses added over 2.5 million ETH, even as the token slipped roughly 20 % during the same month.
- Total holdings: These inflows pushed the aggregate balance of the tracked addresses to ≈26.7 million ETH, up from 22 million at the start of 2026. The data points to sustained demand from long‑term holders despite the prevailing bearish sentiment.
Price action and technical outlook
- Six‑week losing streak: Ether has logged six consecutive weeks of declines, the longest unbroken weekly fall since the ten‑week slump between March and June 2022. That earlier period culminated in a market bottom before a subsequent recovery.
- Potential demand zone: Should the downtrend continue, analysts highlight a weekly demand corridor between $1,384 and $1,691, a range that previously acted as a springboard for the 2023 rally.
- Futures liquidation landscape: Data from Coinglass shows a dense cluster of short positions exceeding $2 billion positioned around the $2,000 level. This concentration creates a sizable liquidity pocket that could act as a near‑term price magnet. On the opposite side, roughly $682 million of long contracts are poised to be liquidated if ETH slides to $1,600, indicating comparatively thinner upside protection.
Trader RickUntZ remains cautiously optimistic, suggesting the market could experience a V‑shaped bounce if underlying demand resurfaces, but acknowledges that the $2,000 liquidation band is the next decisive resistance level to watch.
Key Takeaways
- Whale participation is waning: Average spot‑sell orders on Binance have dropped by ~40 %, shrinking the depth of the order book and raising the risk of sharper price corrections.
- Large‑scale accumulation continues: Over 2.5 million ETH were added to long‑term holding addresses in February, signaling that institutional or strategic investors still see value at lower price points.
- Futures market pressure: A $2 billion short cluster near $2,000 may anchor price movement, while a smaller long‑side exposure at $1,600 leaves the downside relatively less defended.
- Technical thresholds: The $1,384–$1,691 weekly demand zone and the $2,000 liquidation band constitute the primary support and resistance levels to monitor in the coming weeks.
The information presented is for educational purposes only and does not constitute investment advice. Readers should conduct their own research before making any trading or investment decisions.
Source: https://cointelegraph.com/news/longest-ether-dip-since-2022-ignored-by-whales-what-s-next-for-eth?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
