This wave of $ETH Unstaking is starting to show its impact, with institutions now Receiving their long-awaited Lido Redemptions. One wallet, suspected to belong to Anchorage Digital (0xBE86fa93C1120fa81CEcC4C3e43EaCecF943b15b), just received 8,052 ETH (worth $30.25 million) about 12 hours ago.

What’s interesting is this: back in August 2023, this address withdrew 7,575.98 ETH from Coinbase and staked it when ETH was trading at just $1,672.79. Fast forward to now, not only has it earned steady staking rewards from Lido, but it’s also sitting on a $15.79 million gain purely from #ETH price appreciation.

That’s what you call a long game well played. What remains to be seen is how Anchorage chooses to handle this unlocked ETH going forward — will they sell, #restake , or hold?