A significant Ethereum whale has transferred a substantial amount, totaling $47.79 million, from their staked holdings on the Mantle platform to Kraken. This move follows a two-year period of holding 10,564 ETH during which the whale accumulated more than $46.55 million in profits. This action comes amid an active market where other large holders are awaiting unstaking processing, adding further momentum to current trading trends.
The whale’s withdrawal is a notable event as several other large Ethereum investors are currently lining up to withdraw their staked assets, creating a wave of liquidity.
Further insights into the recent movements come from Whale Watcher. The user-generated platform tracked more than 893,000 ETH ($3.96 billion) in unstaking queue activity, illustrating the significant shift happening across the market. While the majority are awaiting withdrawal processes to complete, this whale opted for a different strategy.
The recent whale’s activities coincide with Ethereum’s price surge, rising from $3,200 to $4,800 amidst increased trading activity.
Market data indicates that prices were influenced by both inflows and outflows. The influx of ETH into exchanges, exceeding $100 million in one instance, was followed by a climb towards the $3,800 level before reaching new highs.
Demand for Ethereum has been strong with notable spikes in recent weeks, as the price surged above $4,500 and continues to remain resilient despite short-term corrections. The defended price action around the $3,800 mark demonstrates a growing sense of market stability and demand.