Ethereum Whale Amasses $208M, Continues Staking Spree

An anonymous Ethereum whale has continued its accumulation pattern, withdrawing $35.4 million in ETH from Gemini and staking it on Ethereum's proof-of-stake network.

The total amount staked by the whale now tops $208 million, as revealed by blockchain tracking firm Lookonchain.

This move is significant because it reduces the available supply of ETH on exchanges and signals a long-term holding strategy. By withdrawing from Gemini, the whale removes its assets from exchange-related risks such as hacks or insolvency events.

The whale's actions are part of a broader trend in the crypto market where large holders are choosing to stake their assets to earn yields rather than keep them on trading platforms.