Whale activity and large ETH transfers to exchanges led to additional selling pressure.
Ethereum extended its selloff today, falling below $2,500 amid broad market stress, leading to an increase in the unrealized loss on BitMine’s investment. At press time, ETH was trading at $2,370, down 12.27% over 24 hours, with weekly and monthly losses of approximately 20% and 21%, respectively. The Ethereum crash followed Bitcoin’s drop, heavy liquidations, ETF withdrawals, and visible whale activity.
Analysts’ Views as Ethereum Crash Deepens
As prices fell, analysts began outlining downside levels tied to increasing losses. Analyst Jake Wujastyk, in an X post, said Ethereum could trade between $1,800 and $1,850 if the fallout intensifies. His view followed Bitcoin’s 6% decline, which triggered roughly $1.6 billion in liquidations.
Market analyst G. Martin also commented on Ethereum’s decline, noting that ETH’s higher timeframe structure still looks stronger than Bitcoin’s, despite ongoing weakness. However, he stated that most indicators, including price action, continue to point toward a sustained downtrend.
The analyst further remarked that as long as Bitcoin stays structurally bearish, the ETH price will likely remain under pressure. Martin identified a possible support range between $2,000 and $2,200, with a deeper focus between $1,600 and $1,800 if selling persists.
However, he suggested that he remain bullish on ETH in the long term, linking Ethereum’s long-term relevance to tokenization activity. He said Ethereum is his primary reference chain when discussing tokenization use cases.
Whale Activity and Exchange Flows Add Pressure
CoinGape reported that Ethereum co-founder Vitalik Buterin withdrew $44 million worth of ETH yesterday. The transfer occurred as prices remained under pressure. Whale activity has also contributed to the decline.
On-chain analytics platform Lookonchain revealed that long-term Bitcoin holder Garrett Jin deposited 3,183 ETH valued at $8.04 million into Binance, likely in a move to offload these coins. Jin’s ETH long position, which was worth over $700 million at one point, was liquidated, resulting in a $250 million loss. He had reduced the ETH long position earlier that day to approximately $472 million before the position was ultimately liquidated.
Meanwhile, analyst Ali reported that over 60,000 ETH, valued at nearly $174 million, was moved to exchanges within 72 hours. These transfers coincided with sharp price declines, reinforcing near-term selling pressure.
BitMine Holdings, ETF Outflows, and Netflow Trends
Tom Lee’s BitMine ETH position has had an unrealized loss of roughly $6 billion following today’s Ethereum crash. BitMine began accumulating ETH when the price was near $2,540 on January 30, 2025. A year later, ETH prices today dipped below the original buying prices. This week alone, BitMine acquired 40,302 ETH, as CoinGape reported. BitMine holds about 3.5% of Ethereum’s circulating supply.
It is worth noting the recent ETF outflows, which have also contributed to the decline in ETH. SoSoValue data shows that these funds recorded a weekly net outflow of $327 million this week.
Netflow adds context to the decline. From January 19 onward, ETH fell from $3,100 as exchange outflows intensified. ETH lost the $2,900 support area after earlier stalling near $3,300-$3,350. Netflow data shows sustained pressure rather than isolated events.
Source: Coinglass
Sharp outflows near $120 million on Jan. 25-26 and almost $150 million on January 31 aligned with ETH’s drop toward $2,400. Notably, price declines followed each withdrawal wave, indicating how sustained netflow pressure shaped Ethereum’s short-term trading behavior.
