Whale withdrew 10,564 ETH worth $46.55M from Mantle staking and deposited 10,819 ETH worth $47.79M into Kraken.
Another whale swapped 4,242.4 stETH for 4,231 ETH at a $50.5K loss, moving $18.74M directly to Kraken.
ETH price climbed from $3,200 to $4,800 amid strong outflows, with $3,800 defended as a key demand zone.
A large Ethereum holder has transferred significant funds after two years of staking activity. The whale withdrew 10,564 ETH, worth $46.55 million, from Mantle’s staking platform and quickly moved 10,819 ETH, valued at $47.79 million, into Kraken.
The wallet originally accumulated 11,088 ETH five years ago for only $7.15 million, securing profits above $40 million. This substantial movement comes at a time when other major holders are queuing to exit staking positions, adding further weight to ongoing market activity.
Massive Unstaking and Exchange Deposits
As per Lookonchain more than 893,000 ETH, valued at $3.96 billion, currently is in the unstaking queue. While most holders await withdrawal processing, one whale identified as 0x2aC9 acted differently. Instead of waiting, the holder swapped 4,242.4 stETH for 4,231 ETH, valued at $18.74 million, before moving the funds to Kraken. The transaction locked in a minor loss of 11.4 ETH, equal to $50,500, highlighting urgency to liquidate despite the waiting queue.
Price Activity Aligns With Exchange Flows
Ethereum’s price trends closely tied to exchange inflows and outflows in recent weeks. On July 23, ETH traded between $3,200 and $3,400 while exchange data recorded outflows above $100 million.
ETH Spot Inflow/Outflow price chart, Source: Coinglass
This suggested accumulation as coins left centralized platforms. Following that, ETH steadily climbed toward $3,800 with exchange movements leveling into a neutral zone. However, by early August, ETH briefly slipped below $3,500 while stronger outflows again dominated.
Demand Absorption Maintains Strength Around $4,500
From August 5 to 8, inflows suddenly spiked above $200 million. Instead of weakening, ETH rallied strongly toward $4,500, showing robust demand absorption. Between August 10 and 13, ETH peaked near $4,800 before inflows increased, driving short term corrections.
Despite this, ETH stabilized between $4,400 and $4,500, supported by renewed outflows as investors opted to hold. Market data shows $3,800 as a defended zone, with reduced sell pressure keeping price action resilient at higher ranges.
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