Ethereum ETFs saw renewed inflows on Feb. 3, but the cryptocurrency remains range-bound as large holders continue exchange deposits.
Ether ETH $2 050 24h volatility: 0.3% Market cap: $247.42 B Vol. 24h: $11.69 B continued to trade flat near $2,200 over the past 24 hours as it sees ETF inflows and large holder activity.
SoSoValue data shows that Ethereum spot ETFs recorded $14.06 million in net inflows on Feb. 3 after recent outflows. This comes despite net withdrawals from Bitcoin funds and suggests selective demand for Ether.
On Feb. 3, U.S. Bitcoin spot ETFs saw $272 million in net outflows, led by Fidelity’s FBTC with $149 million in net outflows. In contrast, Ethereum spot ETFs recorded $14.06 million in net inflows, while Solana spot ETFs saw $1.24 million in net inflows and XRP spot ETFs… pic.twitter.com/tNT1sk4UMP
— Wu Blockchain (@WuBlockchain) February 4, 2026
Moreover, on chain data suggests renewed dip buying from large holders. Lookonchain reported that three wallets, dormant for roughly four years and likely linked to the same entity, spent about $13.1 million to acquire 5,970 ETH at $2,195.
Three wallets that had been dormant for 4 years (likely controlled by the same entity) bought the dip 8 hours ago, spending $13.1M to buy 5,970 $ETH at an average price of $2,195.https://t.co/CvSmpY3LlNhttps://t.co/j03Sj6Q6V2https://t.co/IkLxZ9LaTc pic.twitter.com/dXJjxkudhl
— Lookonchain (@lookonchain) February 4, 2026
Despite these inflows, ETH has struggled to break out of its $2,400 resistance zone for any meaning rally.
$ETH held above the $2,000 support zone yesterday.
For any recovery rally, Ethereum needs to break above the $2,400 level. pic.twitter.com/6rA6mtWsHm
— Ted (@TedPillows) February 4, 2026
Ethereum Transfer Spike Raises Concerns
Ethereum’s total transfer count, smoothed by a 14 day simple moving average, climbed to 1.17 million on Jan. 29, CryptoQuant data shows.
Ethereum has seen this level of network activity only twice before in its history. In January 2018, a similar surge came during the cycle top before a prolonged ETH price drop. In May 2021, it again coincided with a sharp market selloff.
Ethereum transfer count | Source: CryptoQuant
Analysts note that such spikes tend to appear during periods of heavy trading activity near local price extremes. This pattern suggests high risk, as funds may be moving to exchanges for selling or repositioning.
Holders See High Unrealized Losses
Ether’s recent slide has increased unrealized losses among large holders. Some institutional players have already started reducing exposure as BitMine’s paper losses are nearing $7 billion.
Trend Research and Garrett Jin have continued selling ETH to repay loans and limit liquidation risk. Over the past three days, they deposited a combined 316,185 ETH, worth about $738 million, into Binance.
As the market keeps dumping, Trend Research and Garrett Jin continue selling $ETH to repay loans and avoid liquidation.
Over the past 3 days, they've deposited a total of 316,185 $ETH($738M) into #Binance to sell.https://t.co/e2L0pYGex3https://t.co/LyveMqUKoj pic.twitter.com/8LI3Nwt1kT
— Lookonchain (@lookonchain) February 4, 2026
As bearish signals emerge, Ether’s short side activity has also increased. A smart trader, who recently earned about $7.2 million from short positions, opened new 20x shorts on 21,838 ETH valued near $49.3 million.
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