Ethereum Whale Transfers $129M to Exchanges Amid Market Volatility

An anonymous Ethereum whale has moved $129 million worth of Ether (ETH) to six centralized exchanges over the past two days, sparking concerns about a potential sell-off.

The transfer was flagged by on-chain analyst EmberCN, who noted that the address still holds 101,561 ETH, valued at around $249 million.

According to EmberCN's analysis, the whale's holdings were originally withdrawn from Coinbase at an average price of $1,700 between 2021 and 2022. The funds were then deposited into Ethereum staking in 2023 and later unstaked in January of the previous year.

The transfer comes at a time when Ethereum has been experiencing significant volatility, with prices fluctuating amid broader macroeconomic uncertainty and shifting sentiment in the crypto market.