On January 6, 2026, Eastern Standard Time, on-chain monitoring showed that the whale address 0x237…B6aAb deposited approximately 5900 ETH to Binance over the course of a week, with the latest single transaction amounting to 2900 ETH, attracting significant market attention. This address currently holds about 20,081 ETH, with a historical average purchase price of approximately $2991. If the deposited portion were to be sold at the current price range, it could realize a profit of about $707,000, while the untouched portion in the cold wallet has an unrealized profit of about $654,000. In the context of a recent significant fluctuation in ETH and increased trading volume, this large institutional-like transfer of funds to the exchange is seen as a potential signal for profit-taking, leading the market to discuss whether this indicates a nearing local top for ETH prices or is merely a routine position rebalancing action.
Weekly Deposit Rhythm of 5900 ETH and Whale Position Structure
● Trading Rhythm and Structure: On-chain data shows that the address 0x237…B6aAb made multiple deposits of ETH to Binance in batches over the past week, totaling approximately 5900 ETH, with the latest single transaction reaching 2900 ETH, making it the largest single deposit to the exchange in the past 7 days within the monitoring scope. This combination of "multiple transactions + large single transaction" reflects a strong professional risk control and market impact management approach.
● Profit Calculation: According to the estimates provided in the research brief, if the 5900 ETH that has been deposited to the exchange were all sold at the current price range, the whale could realize a paper profit of about $707,000. This figure is based on the $2991 average purchase price, indicating that a significant portion of unrealized profits has already been locked in at the exchange level, leaving room for potential future selling actions.
● Position Proportion and Intent: Compared to its current total holding of approximately 20,081 ETH, the 5900 ETH transferred to Binance only accounts for a portion of the overall position, with over 20,000 ETH still remaining in the cold wallet. From the perspective of position structure and behavior patterns, this appears more like a phase of profit-taking and position adjustment, rather than a complete liquidation, as the whale still retains a substantial long-term exposure to ETH.
Average Purchase Price of 2991 and Breakdown of Unrealized Profits
The historical cost of address 0x237…B6aAb is relatively clear: based on on-chain and intelligence data, this address withdrew 8550 ETH in a single transaction on December 21, 2025, from which the overall average purchase price is estimated to be around $2991. Anchoring to this average price, the overall holding of this address has formed a considerable unrealized profit at the current price range. The research brief reveals that if calculated at the current market price, the portion that has been transferred to the exchange and could be liquidated at any time corresponds to a potential profit of about $707,000, while the remaining base in the cold wallet of approximately 20,081 ETH corresponds to an unrealized profit of about $654,000. This figure indicates that even after completing a round of gradual reduction, the main position remains in a clearly profitable state. By separating the deposited portion from the remaining base, it can be seen that the whale employs a structural strategy of "partially realizing profits while retaining core positions": the former locks in profits from this round of market activity, while the latter continues to be exposed to future fluctuations in ETH, maintaining participation in long-term upside potential. From a longer time perspective, since withdrawing 8550 ETH on December 21, 2025, this address has maintained a high level of discipline in cost control, gradually rolling up profits through a lower average purchase price and rhythmic phased selling, having already completed multiple rounds of profit consolidation before this transfer to Binance.
Low Buy High Sell Trajectory and Current Turning Point Bet
On-chain analyst @wublock summarizes the historical operation pattern of this address as a typical "buy low and sell high," a characterization that has a clear projection in its past behavior: during periods of relative price pullback and cooler sentiment, this address often significantly amplifies its exposure through concentrated withdrawals or accumulation actions, while during phases of clear upward price movement, increased trading volume, and heightened volatility, it chooses to deposit chips to the exchange in batches, creating conditions for potential profit realization. From the visible data comparison, there is a certain correlation between this address's multiple large operations and the high and low points of ETH: during low phases, it tends to withdraw coins from the exchange to the cold wallet, while during high or volatile phases, it flows chips back to the exchange. The recent deposit of 5900 ETH to Binance coincidentally occurred during a period of increased trading volume for ETH, with short-term prices having moved away from previous lows, aligning with its consistent rhythm of "reducing positions on rallies." It is important to emphasize that all current assessments of its timing accuracy are based solely on publicly available on-chain data and do not include granular records of specific transaction prices and timestamps, thus cannot accurately restore the actual profits of each transaction. However, from a macro trajectory perspective, this large deposit of ETH during a phase of increased volatility can still be seen as one of the signals indicating that this address is attempting to bet on a "phase turning point" in this round.
Market Implications of Chips Flowing from Cold Wallets Back to Exchanges
From the perspective of chip distribution, this type of suspected institutional address transferring some ETH long-term held in cold wallets to exchanges will have a magnifying effect on short-term circulating supply and potential selling pressure expectations. Chips that were originally locked on-chain and difficult to form real selling pressure in a short time, once entering large trading platforms like Binance, become capable of being listed for orders, sold in parts, or participating in derivative hedging at any time. Additionally, the 5900 ETH volume being marked by the market as the "largest single deposit to the exchange in the past 7 days" can easily be interpreted as a signal of "whales preparing to sell," thus stimulating short-term long-short battles and increasing volatility. At the same time, it is necessary to strictly distinguish between "deposits to the exchange" and "actual sales": current public data can only confirm that the funds have entered Binance and estimate the possible profit space based on average prices, but it does not provide any on-chain or order book evidence regarding specific transaction timestamps, prices, and selling ratios. Therefore, simply equating the deposit behavior with immediate, large-scale selling carries a clear risk of oversimplification; a rational interpretation should view it as increasing the flexibility of chips that can be liquidated at any time, rather than a completed event of selling pressure.
Capital Rotation Trajectory in Contrast to ZK Hype
While this round of ETH whale transferring chips to exchanges is occurring, on the other side of the market, there is a strengthening of the capital attraction effect of new narrative targets. According to the background of the research brief, the Korean exchange Upbit has launched ZK related assets, attracting capital attention and trading activity, becoming an important reference for current capital rotation. On one side, there are on-chain actions of whale addresses gradually reducing positions and locking in profits on mainstream assets like ETH, while on the other side, hot topics like ZK continue to attract capital under new launches and hype, together outlining a path of phase migration of funds from mainstream coins to high-β narrative sectors. From the perspective of institutional capital, mainstream coins often serve the function of "core base + risk hedging," while narrative coins and newly launched assets are used as experimental grounds for chasing excess returns. When ETH is already in a relatively profitable range and short-term volatility is expanding, moving some chips to exchanges to prepare for potential reductions and rotations is a common position management strategy. This also implies that during such rotation processes, the short- to medium-term pricing power of ETH may temporarily tilt towards more trading-driven capital groups. The whale's switching between mainstream coins and narrative coins will not only affect the distribution of spot chips but also transmit through futures, options, and other derivatives to the overall volatility structure, making ETH more susceptible to dual influences from external hot capital attraction and internal reduction battles for a period of time.
What It Means That the Whale Has Not Liquidated
Based on the on-chain data and position structure, this transfer of 5900 ETH to Binance by address 0x237…B6aAb aligns more with the characteristics of "phase profit-taking and slight position adjustment," rather than a complete denial of ETH's long-term prospects. On one hand, it reserves space for potential realization by transferring some unrealized profit chips to the exchange, while on the other hand, it retains about 20,081 ETH as a base to continue exposure, balancing current profit realization with participation in future price increases. Meanwhile, regarding whether this batch of chips has been fully or partially sold at the exchange, what the specific transaction prices are, and whether there will be more batches of deposits and reductions in the future, current public information has not provided conclusive evidence, and the boundaries of information are very clear. Therefore, it cannot and should not be directly viewed as a "confirmed top signal" or some absolute guidance in one direction. For ordinary traders, a more realistic insight lies in observing whether this event will evolve into a broader behavioral resonance: if more similar institutional addresses concentrate on transferring chips to exchanges when ETH is in a high volatility range, even accompanied by multidimensional reduction actions in spot and derivatives, that could constitute a more systematic wave of phase reductions in mainstream coins; conversely, if this is merely a strategic adjustment of an individual address, and on-chain and exchange data do not show widespread follow-up, then its signal value remains more at the individual behavior level rather than a global trend reversal.
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