Data: ETH hoarding address increased by 2.5 million ETH, with over 2 billion dollars in short positions concentrated at the 2000 dollar level

CryptoQuant data shows that the average size of ETH whale sell orders on Binance has decreased from around 1,350 ETH recently to about 2,250 ETH at the beginning of January. Based on an estimated 15 to 35 whale-level transactions per day, the cumulative sell volume since January 8 is approximately 1.8 million to 2 million ETH. At an average price of $2,400, this corresponds to a large transaction amount of about $4.3 billion to $4.8 billion.

Analyst Darkfost stated that the decrease in average order size indicates that large participants are gradually exiting the market, while smaller traders maintain stable trading volumes, and large players are reducing their direct interaction with the order book. This shift has led to a temporary weakening of market depth, diminishing the ETH market's ability to respond to short-term price imbalances.

Meanwhile, ETH accumulation addresses have increased their holdings by over 2.5 million ETH during the price drop of about 20% in February, raising total holdings from 22 million at the beginning of the year to 26.7 million, indicating stable demand beneath the surface. Futures market liquidation data shows that over $2 billion in short positions are concentrated around the $2,000 mark, forming a dense liquidity area that may become a short-term attraction zone for ETH prices. If ETH declines to $1,600, approximately $682 million in long positions could be at risk.