Spot market data reveals telling signs of shifting whale sentiment around ETH's recent local peak. Since mid-January, major holders have maintained roughly $173M in net selling pressure, signaling cautious positioning as prices consolidated near the top.

Comparing whale activity patterns across different price levels tells an interesting story. The sharp pullback in participation near current levels stands in stark contrast to the aggressive accumulation phase witnessed around the $3,050 support zone. This dramatic shift in whale engagement often precedes notable market moves—when big players step back after months of strong buying, it typically reflects uncertainty or profit-taking.

The divergence between peak participation and current whale behavior warrants close attention from traders tracking institutional positioning and market structure.