Ethereum whales deploy divergent strategies at the beginning of the year

In the first weeks of 2026, whale movements on Ethereum are painting a complex picture of the market. While large investors are implementing opposing tactics—some accumulating ETH positions and others taking profits—the network is experiencing dynamics that challenge traditional price signals.

Whales in Contradictory Positions

Whale activity data shows a bifurcated behavior. Some major holders continue buying Ethereum, positioning themselves for what they see as strategic opportunities, while others are rotating capital or partially liquidating their holdings. According to NS3.AI analysis, this divergence suggests a lack of consensus among key players, a typical pattern during market consolidation periods.

Price Pullback Amid Peak Activity

The context is paradoxical: ETH has experienced over a 12% drop in the past week, currently trading at $2,050, but simultaneously, the network has recorded all-time highs in active addresses. This directly contrasts with the selling behavior usually accompanying price corrections, indicating that underlying demand remains strong despite the bearish pressure.

What Do These Whale Movements Reveal?

The contradictory activity of whales on Ethereum suggests that major investors maintain bullish expectations for the network, even as prices correct. The accumulation of active addresses—currently reaching 468 million—indicates that new and old participants are evaluating positions, a positive sign for medium-term momentum. However, the divergent behavior of whales warns that the market direction will crucially depend on macroeconomic factors and broader crypto sentiment, not just network activity.