$408 Million Ethereum Position Sends Signal to Exchanges
A large Ethereum position worth $408 million has been moving into exchanges over the past two days. According to blockchain trackers, a wallet received 167,855 ETH and has been steadily funneling it into exchanges. This onchain activity is considered a potential signal that the entity holding this position may be preparing to sell in size.
The scale of the move is significant, even by whale-watching standards. In just two days, 70,739 ETH (roughly $174 million at current prices) has been deposited onto exchanges, while 97,115 ETH remains in the wallet. If this balance starts shifting too, it would roughly double the amount already sent toward order books.
This is not an isolated incident. Earlier this year, Bitcoin.com News reported on Ethereum's oldest whales waking up as millions in long-dormant ETH left deep storage. This has been a recurring theme for Ethereum this year, even as Bitcoin's price staged its own separate rally through August.