ETH Whale Returns to Accumulation After a Year of Selling

According to BlockBeats, one of Ethereum's largest early investors — known as “ETH ICO Whale (1 million ETH)” — has withdrawn 13,600 ETH from exchanges over the past three weeks. That's nearly $47 million at an average price of $3,456.

Over the past year, this address has been selling steadily, but recent activity signals a reversal:

The last time it bought was over 2 years ago

Today, it still has 59,718 ETH (~$210 million)

The largest withdrawal was 15 minutes ago — at the peak of the price

What could this mean? Potential belief in a new bull cycle for Ethereum

Potential belief in a new bull cycle for Ethereum

Expectations of an ETF or institutional demand

Warming up before the launch of ETH restaking / L2s / DePIN