Ethereum Whale Unloads 100K ETH Position with $7M Exchange Deposit

An Ethereum whale has begun moving its holdings to a centralized exchange, sparking concerns of a potential sell-off. According to on-chain analytics firm Lookonchain, the wallet labeled 0xF626 received 102,913 ETH from multiple wallets around 11 hours ago.

Within the last 30 minutes, the whale deposited 2,858 ETH, valued at approximately $7 million, into a centralized exchange. This marks the first visible step in what could be a larger distribution of funds.

The whale still holds 100,055 ETH, worth around $241.6 million, leaving a substantial amount that could potentially be moved in the future. Traders and analysts often monitor such wallet activities to gauge potential selling pressure, which can lead to short-term price volatility.