A Whale Withdrew 20,000 ETH from CEX and OTC Platforms, Worth Around $62.3 Million

A whale withdrew 20,000 ETH from centralized exchanges (CEX) and over-the-counter (OTC) platforms on January 1, 2026, representing approximately $62.3 million in Ethereum. This move follows broader market dynamics where Ethereum price has recently reclaimed the $3,000 level but faces challenges in reaching $4,000.

Whale activity often influences market sentiment and liquidity, and this withdrawal could reflect a strategic rebalancing or risk reassessment. On the same day, other whales were observed accumulating Chainlink (LINK) while selling Ethena (ENA), indicating divergent positioning among large holders.

Ethereum price has shown resilience but remains constrained by structural levels. The $3,000 level was recently retested, and the next major threshold is $3,131, which could determine the direction of the asset in the near term.

Why Did This Happen?

The withdrawal appears to align with a broader trend of capital rotation among large-cap assets in early 2026. Ethereum's whale addresses have shown declining participation over the past 30 days, signaling caution among large holders.

At the same time, macroeconomic signals have played a role in market stability. The Federal Reserve's liquidity measures, including increased Treasury bill purchases and repo facility usage, have supported a risk-on tone.

How Did Markets React?

Ethereum price held firm above $3,000, but the path to $4,000 remains challenging. The accumulation zone between $3,151 and $3,172 represents a significant supply wall.

Meanwhile, overall exchange volume reached a 15-month low in December 2025, with centralized platforms processing $1.13 trillion in trading activity. This decline reflects seasonal sentiment and year-end repositioning.

What Are Analysts Watching Next?

Analysts are monitoring Ethereum's ability to break out of the descending wedge pattern and sustain movement above $3,131. A successful breakout could attract fresh buyers and shift momentum.

Bitcoin ETF flows also remain under scrutiny. Spot Bitcoin ETFs have seen net outflows in recent weeks, with $12.37 million leaving funds by early January 2026.

The ratio of decentralized to centralized exchange volume increased in December, reaching 17.95%, suggesting a gradual shift toward self-custody and alternative execution venues.

The broader market remains range-bound, with Bitcoin consolidating between $85,500 and $90,000. Institutional demand for Bitcoin has weakened, raising questions about the sustainability of the current price range.