Lightning Zap Whale Flattens BTC Long and Opens New $1.08M ETH Long

-serif Bitcoin traded near $90,870 as of Jan. 15, 2026, after a failed attempt to hold above $95,000. Liquidation heatmap data shows clusters of long positions near $89,000 and $87,000, with short positions sitting at the weekly high.

On-chain activity suggests that some traders are preparing for a potential rally to $101,500 if BTC can retest and hold above the 20-day moving average. A similar price action pattern occurred in mid-January, with a $1.1 billion futures buy volume spike coinciding with the $94,800 level.

Bitcoin whales have shown caution, with balances in 1,000–10,000 BTC wallets dropping to 220,000 BTC. This is the fastest decline since 2023 and indicates hesitation among large holders to accumulate during dips.

Why the Move Happened

One whale closed a $6.5 million ETH long position near $3,137 and immediately reopened a $3.65 million long at $3,125 with 20x leverage. This move suggests active trading amid ETH's volatility and indicates confidence in the asset's near-term potential.

Large Bitcoin holders are not buying the dip when excluding exchange addresses. The BTC exchange whale ratio climbed to 0.504, a level historically associated with increased selling pressure.

Ethereum whales are also making strategic moves, with one investor reportedly closing a full ETH position and transferring it to Bitstamp. This whale's exit yielded a 344% gain, totaling $274 million. The pattern suggests a long-term exit strategy rather than a panic sell-off.

How Markets Responded

Ethereum's price has remained volatile, with ETH trading near $3,300. The 200-day exponential moving average and the $3,470 resistance level are key technical markers to watch in the coming days.

The Bitcoin spot ETFs have recorded $681 million in net outflows over the last week, indicating continued institutional caution. Despite some isolated whale purchases, the broader trend remains bearish.

A separate whale increased its ETH long position by approximately $25.6 million, using 14x leverage. This position is currently at a floating loss of $49,700, indicating the trader is exposed to significant price swings.

What Analysts Are Watching

Analysts are keeping a close eye on whether Bitcoin can break above $95,000 without triggering further short liquidations. A successful retest of the 20-day moving average could lead to a short-covering rally and potentially set the stage for a 13% move toward $101,500.

On Ethereum, the focus is on whether the $3,300 level can hold, given the growing volume of economic activity on the network. Some analysts believe ETH is undervalued compared to its ecosystem growth.

Market observers are also watching the Coinbase Premium Index, which remains deeply negative. This suggests that US-based institutional investors are selling ETH at a discount to offshore prices, signaling continued risk-off positioning.