Kraken Whale Withdraws $10M in Ether Amid Staking Speculation

A whale wallet has withdrawn nearly $10 million worth of Ether from Kraken, sparking speculation about its intentions.

According to Onchain Lens, on August 16th, the wallet withdrew 5,300 ETH from Kraken, valued at around $9.98 million at the time.

This move follows a similar pattern observed last month when the wallet staked 224 ETH worth about $351,000 after withdrawing 357.1 ETH worth about $566,000 from Kraken.

Now holding approximately 5,430 ETH worth around $10.25 million, it is possible that the newly withdrawn Ether could be used for staking, based on the wallet's previous fund-flow pattern.