Whale estimated to be institutional sends $129M in ETH to 6 exchanges

An anonymous whale estimated to be an institutional investor transferred 52,739 ETH, worth about $129 million, to six centralized exchanges including Binance and OKX over the past two days, on-chain analyst EmberCN said. The address still holds 101,561 ETH, or about $249 million. EmberCN said the holdings were withdrawn from Coinbase at an average price of $1,700 between 2021 and 2022, deposited into Ethereum staking in 2023, and unstaked in January last year. Over the past two days, the tokens were consolidated into two wallets before being sent to multiple centralized exchanges. Exchange deposits are typically interpreted as being intended for selling.