On January 24, 2026, at 8:00 AM UTC+8, two Ethereum on-chain whales made significant purchases near the $3000 mark amid sharp price surges and fluctuations, drawing considerable market attention. One address had just cleared its ETH position on January 22 before quickly re-entering the market, while the other, a "textbook case" address that had lost approximately $13.73 million in just one week last November, chose to heavily invest again as the price broke through a key level. The two purchases totaled approximately 9105.94 ETH, with a total investment of about $27.24 million, and the current price is slightly below their cost, resulting in a small unrealized loss overall. The whales' decision to increase their positions during a high volatility phase stands in stark contrast to the prevailing risk-averse sentiment in the market, raising the question of whether this is yet another instance of buying at a high or a firm bet on the $3000 level.
Clearing Positions and Re-entering: Whales Heavily Invest Again in One Day
● Address Background and Timeline: On-chain data shows that the address 0x565…11e55 had just cleared its entire ETH position on January 22, UTC+8, and was initially seen as a typical case of exiting at a temporary high. However, just two days later, on January 24, this address made a significant purchase again, creating a rapid turnaround from "clearing and waiting" to "heavily re-entering," highlighting its high-frequency adjustments and sensitivity to short-term price movements.
● Positioning Data and Capital Scale: According to the report, this address purchased 3947.97 ETH in batches at an average price of approximately $2991.91 when ETH was fluctuating near the $3000 range, corresponding to a total fiat investment of about $11.91 million. The amount of each single purchase indicates that this address still maintains a typical whale-level size, and its single operation's marginal impact on market sentiment and liquidity cannot be ignored.
● Unrealized Gains and Losses and Position Status: With the current ETH price slightly below the $2991.91 cost, this address is experiencing an overall unrealized loss of about $135,000. However, there have been no signs of reducing positions or hedging on-chain, and it has chosen to fully hold the 3947.97 ETH. This indicates a willingness to accept short-term pullbacks and endure price noise with actual positions rather than immediately stop-loss or frequently close positions.
● Operational Characteristics and Style Signals: The rapid transition from clearing positions on January 22 to heavily re-entering on January 24 shows that this whale prefers a clear "all in and all out" approach to capture phase trends rather than testing in small batches. The quick replenishment after clearing resembles a disciplined trading style based on price ranges and key levels, conveying a risk preference signal of "daring to re-enter during high volatility," but the true strategic logic, source of funds, and time dimensions are not detailed in the report, making further speculation impossible.
Whale That Previously Lost Over Ten Million Re-enters to Chase Upward
● Historical Behavior Reference: Another whale had previously lost about $13.73 million in November 2025 due to "buying high and selling low" in the ETH market, becoming a highly discussed textbook reverse indicator. At that time, it aggressively increased its position during the upward phase and quickly cut losses during the pullback, reflecting a typical short-term chasing and cutting behavior pattern, providing a clear historical reference for observing its current entry behavior.
● Current Upward Positioning Data: According to the report, this whale re-entered the market early on January 24, UTC+8, during ETH's breakthrough of the $3000 key level, purchasing 5157 ETH at an average price of approximately $2972. Based on this price, its current investment amount is about $15.33 million, significantly higher than the previous 0x565…11e55 operation, indicating its willingness to bet far beyond ten million dollars on the current market phase.
● Capital Scale and Position Choice: With the current ETH price slightly below the $2972 cost line, this address is also in a small unrealized loss state, with the overall drawdown still within a controllable range relative to its total investment. Unlike last November's quick stop-loss and cutting losses during short-term fluctuations, this whale did not choose to close its position during the first pullback but continued to fully hold 5157 ETH, showing an increased tolerance for short-term pullbacks.
● Style Changes and Potential Implications: Comparing its previous short-term cutting loss behavior of $13.73 million with the current approach of "first accepting unrealized losses, not reducing positions," we can see changes in its trading style in two dimensions: one is that it still tends to chase breakouts with single entries, but the other is that its handling of pullbacks has shifted from "quickly exiting" to "temporarily holding." This change does not necessarily indicate a shift to a medium-term holder, but at least signals to the market that this whale's approach to volatility has adjusted compared to the past.
Two Buying Points in the Same Arena: Price Range and Rhythm Comparison
● Resonance of Price Ranges: By juxtaposing the two whales' positioning ranges, we find that 0x565…11e55 has an average purchase price of about $2991.91, while the other whale concentrated its purchases around $2972, with both operations occurring within a range of less than 1% around the $3000 mark. Their choice to enter in batches at the same key price level objectively reinforces the market's consensus that "the area around $3000 is an important battleground."
● Risk Tolerance and Rhythm Differences: In terms of single investment, the former laid out about $11.91 million for 3947.97 ETH, while the latter invested about $15.33 million for 5157 ETH, with both the capital scale and position size being significantly larger. In terms of rhythm, 0x565…11e55 cleared its position on the 22nd and re-entered on the 24th, reflecting a sense of "high-frequency shifting + re-entry"; while the other whale continued its consistent style of "one-time heavy investment at key price levels," but did not immediately cut losses during the pullback, showing a relatively increased tolerance for short-term fluctuations.
● Chasing Up or Buying on Pullbacks: Based on the report information, both purchases occurred during ETH's breakthrough or fluctuation around $3000: one was made slightly below $3000 after the breakthrough, while the other was made at nearly $3000 during the breakthrough moment. From the price trajectory, they are closer to "chasing after a breakout" rather than deep buying after a significant pullback, but limited by the extent of the drop, they are currently experiencing a few tens of dollars of pullback pressure after buying.
● Impact on Market Support and Sentiment: Near the same key price level, the appearance of a combined purchase of approximately 9105.94 ETH and about $27.24 million in a short time will strengthen the market's perception of support at that price level. Even if this is not enough to structurally change the overall trend of ETH, it is sufficient to create a market narrative of "whales supporting near three thousand," thus forming a psychological hedge against short-term selling pressure and increasing the tendency for some funds to buy on dips rather than panic sell.
On-chain Whale Games and Market Sentiment Discrepancies
● Magnifying Uncertainty: Some market views suggest that "the operational strategies of whales during ETH price fluctuations reflect market uncertainty." The two whales concentrated large purchases in a high volatility zone, which on one hand conveys a signal of continued expectation for future trends, while on the other hand, their path of chasing up and enduring unrealized losses at key positions reinforces the perception of "even whales struggle to accurately grasp the rhythm," further amplifying market divergences regarding future directions.
● Retail Risk Aversion vs. Whale Counter-Trend: In most retail trading data and experiences, the more common behavior during high volatility phases is to reduce positions, wait, or hedge through derivatives to lower exposure, rather than continue to increase spot positions after a breakout. At this time, the two whales chose to counter-trend and increase their positions around $3000, creating a strong emotional contrast with the inertia of risk aversion and profit protection, which can easily be interpreted as a narrative of "smart money bottom-fishing" versus "retail fear of heights," further amplifying the psychological imbalance at the capital level.
● Demonstration and Controversy of Enduring Unrealized Losses: Currently, both whale positions are in varying degrees of short-term unrealized loss, but there have been no significant signs of reducing positions or stop-loss actions on-chain. This stance of "willing to endure tens of thousands of dollars in drawdown without moving positions" may be seen by some market participants as a demonstration of expectations for medium to short-term price increases; at the same time, it may be criticized by others as a typical "high-level hard hold," believing that if prices continue to decline, it will exacerbate losses for both whales and following funds.
● Signals Are Not Answers: It is important to emphasize that the behavior of whales does not equate to any form of certainty signal. The bold entries of the two addresses at key price levels indeed provide some traders with material for "following logic," but historical cases show that whales can also make serious missteps within short cycles. Their operations tend to concentrate and amplify the market's divergence regarding future trends rather than making directional decisions for ordinary participants.
Understanding Whales Through Data: Signal Value and Limitations
● Why Considered a Forward Reference: Based on historical experience, large on-chain addresses often possess more ample funds and more systematic risk management tools, and their concentrated entry and exit at key price levels are often seen as a window for observing trend foresight. Statistically, whales are indeed more active at certain cycle bottoms and tops, which is why the market is willing to track their address movements over the long term, but this correlation does not mean that stable profits can be formed in every specific operation.
● Relative Scale of Capital: The two whales' total investment of about $27.24 million corresponds to 9105.94 ETH. Relative to ETH's overall market capitalization in the hundreds of billions, this scale is more about "local liquidity and emotional impact" rather than an absolute force capable of moving long-term trends. However, on a single trading day, especially around a round number like $3000, it still has a non-negligible marginal pull effect on market depth, short-term volatility, and social media narratives.
● Multi-dimensional Data Interpretation Required: It is difficult to derive directional judgments for ETH in the coming weeks or months based solely on one or two large purchases by whales. A more robust approach is to combine such on-chain behaviors with macro market trends, transaction volume structures, funding rates and position changes in options/perpetual contracts, etc., to determine whether the current whale actions are adding to the trend or betting against a larger cycle, which far exceeds the information range provided by a single on-chain transfer.
● Beware of Misinterpretation of "Whales = Bottom Confirmation": In social platforms and community discourse, the narrative that equates "whale actions" with "bottom confirmation" is highly contagious but can easily mislead risk perceptions. Whether it is 0x565…11e55 or the whale that previously lost $13.73 million, their past records prove that large funds can also make mistakes. For ordinary traders, blindly viewing whale purchases as unconditional follow signals while ignoring their own position structure and risk tolerance is an over-interpretation that requires extra caution.
Observation Checklist After Whales Bet on the $3000 Level
● Summary of Common Features and Differences: Overall, both whales made significant purchases in the key range around $3000, with one averaging $2991.91 for 3947.97 ETH and the other averaging $2972 for 5157 ETH, totaling an investment of about $27.24 million. Both are currently experiencing some unrealized losses but have chosen to continue holding. The difference lies in one quickly re-entering the market after clearing its position, while the other, carrying the lesson of a previous $13.73 million loss, re-entered to chase upward and displayed slightly different stop-loss and holding strategy preferences during a brief pullback.
● Support Imagination and Volatility Expectations: These concentrated purchases provide the market with the narrative that "whales are willing to accumulate near $3000," objectively enhancing the bullish confidence in the support at this level. On the other hand, they also imply that if the price continues to weaken below this range, large positions may be forced to adjust or concentrate stop-losses, potentially amplifying short-term volatility and turning the $3000 level from a "support label" into a "concentration area of losses," which poses a risk that cannot be ignored.
● Practical Insights on Trading: For ordinary participants, a more reasonable stance is to view whale movements as important reference samples rather than mechanical trading instructions. Before making any decisions, one should return to their own capital cycle, position structure, and risk preferences, considering "what is my response plan if the price further declines or continues to rise," rather than passively increasing leverage and holding periods simply because they see whales accumulating.
● Continuous Tracking and Verification Path: Moving forward, it is essential to closely observe the adjustment paths of these two positions over the coming days and weeks—whether they choose to frequently trade around the $3000 mark or hold their spot positions steady over a longer time frame. Only after the subsequent evolution of positions and price trends unfolds can the market determine, based on retrospective data, whether this seemingly "joint bottom-fishing" action truly evolves into the starting point of an ETH trend reversal or is merely another whale game within a high volatility range.
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