Ethereum Whale Withdraws $9.98M, Sparking Accumulation Speculation

A large Ethereum holder withdrew approximately $9.98 million from Kraken in a move that may signal accumulation or staking, according to on-chain analytics.

The wallet, tracked by on-chain analytics, pulled 5,300 tokens worth about $9.98 million off the exchange within the past day.

This is not the first time this wallet has withdrawn and staked ETH; roughly a month earlier, it withdrew 357.1 tokens worth about $566,000 from Kraken and staked 224 of them, worth around $351,000.

Vitalik Buterin recently discussed Ethereum scaling strategy, crediting Bitcoin developers for pioneering ideas such as Utreexo, a compact accumulator design that lets nodes verify transactions without storing the full unspent transaction set.