Yeliz Akmaca 
Ethereum is under renewed selling pressure after the recent crypto market downturn. The market’s recovery attempts are being weighed down by large on-chain ETH movements, particularly from Ethereum co-founder Vitalik Buterin and major investor Trend Research.
Investors are divided between buying the dip and reducing positions, making it difficult for ETH to establish a clear direction in the short term.
Vitalik Buterin Sells ETH and Converts to WETH
On-chain data shows that Vitalik Buterin sold 493 ETH on February 3, worth about $1.16 million. This follows a previous 211.84 ETH sale for 500,000 USDC.
In addition, Buterin converted over 5,000 ETH into WETH. While this does not necessarily indicate immediate selling, the timing amid a market crash created additional pressure.
However, the Ethereum Foundation clarified that these transactions are not speculative. During the “mild austerity” phase, 16,384 ETH were withdrawn to fund open-source security, privacy, and verifiable technology projects. These funds will be deployed gradually over the years rather than sold immediately.
Trend Research Deposits 30,000 ETH on Binance
Further selling pressure comes from Trend Research. According to Onchain Lens, the firm deposited 30,000 ETH on Binance today, continuing a recent liquidation trend.
In the past few days, Trend Research has sold a total of 93,588 ETH for repayments and leveraged positions. Arkham data shows the fund lost about $400 million recently. To reduce liquidation risk, large ETH holdings were moved to exchanges.
Trend Research’s total ETH exposure has dropped from nearly $2 billion last month to $1.33 billion. The liquidation price range for their holdings is between $1,781 and $1,862, creating a critical market threshold.
ETH Price Retreats After Over 6% Rebound
ETH earlier saw a bounce but lost gains quickly. The price currently trades around $2,320. The 24-hour low and high are $2,158 and $2,393, respectively.
Trading volume declined by about 15% in the last 24 hours, showing that dip buying has not yet gained broad momentum. The 200-week moving average at $2,451 remains a key level for confirming any upward trend.
Institutional Buying and ETH/BTC Weakness
Not all market activity is bearish. DBS Bank accumulated 24,898 ETH in a week, buying as Ethereum dropped below $2,200. This shows institutional interest persists despite the market downturn.
ETH/BTC pair remains weak. Analyst Daan Crypto Trades noted that failing to hold 0.032 increased bearish sentiment, with 0.026–0.03 becoming the critical range.
Derivative markets reflect similar pressure. CoinGlass reports ETH futures open interest fell nearly 1% to $28.16 billion in the last 4 hours. XRP futures on CME and Binance also saw small declines, indicating widespread risk-off behavior.
Market Outlook
Ethereum is being tested not only by technical levels but also by large players’ actions. On-chain movements create psychological barriers, while institutional buying prevents a completely one-sided scenario.
Short-term direction depends on the pace of sales and ETH’s behavior around the 200-week moving average. The market is currently seeking a new balance.
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