Data: ETH accumulation address increased by 2.5 million ETH in February, with over $2 billion in short positions concentrated around the $2,000 level.

On February 25, CryptoQuant data showed that the average size of ETH whale sell orders on CEX has decreased from about 2,250 ETH in early January to around 1,350 ETH recently. Based on an estimated 15 to 35 whale-level trades per day, the total sell volume since January 8 is approximately 1.8 to 2 million ETH. At an average price of $2,400, this corresponds to large transactions worth about $4.3 billion to $4.8 billion. Analyst Darkfost stated that the decline in average order size indicates “large participants are gradually exiting,” while small traders continue to maintain stable trading volumes, and major players are reducing direct interaction with the order book. This shift has temporarily weakened market depth, reducing ETH’s ability to respond to short-term price imbalances. Meanwhile, ETH accumulation addresses have added over 2.5 million ETH during the roughly 20% price decline in February, increasing total holdings from 22 million to 26.7 million ETH, indicating underlying demand remains stable. Futures market liquidation data shows over $2 billion in short positions clustered around $2,000, creating a dense liquidity zone that may serve as a short-term support area for ETH prices. If ETH drops to $1,600, approximately $682 million in long positions could be at risk.