An Ethereum whale, dormant for over three months, has re-emerged with a significant $15 million bet on the network's staking ecosystem. According to on-chain data from Arkham Intelligence, the wallet address "0x761F2F" withdrew 5,099 ETH, valued at approximately $15.17 million, from the U.S.-based cryptocurrency exchange Kraken.
The transaction was executed at a price of around $2,943 per ETH, strategically coinciding with a key local support zone that had been acting as a psychological barrier near the $2,939 level throughout January. Shortly after the withdrawal, the whale did not hesitate, immediately depositing the entire sum into the liquid staking protocol Lido Finance. In return, the address received roughly 5.1K stETH (staked ETH), converting all its liquid exchange holdings into a staked position.
This move marks a stark shift in the whale's behavior. Prior to this three-month period of inactivity, its last major operations involved multi-million dollar stablecoin transfers, utilizing protocols like Symbiosis, Hyperliquid, MetaRouter, and CoW Protocol for USDC operations. The latest action represents a clear pivot from stablecoin management to a direct, long-term commitment to Ethereum's staking economy.
Analysts interpret the whale's decision to move funds off a centralized exchange (CEX) and into a decentralized staking solution as a bullish signal. It reduces immediate selling pressure on the market and indicates a preference for earning staking yields over short-term trading. The consolidation of such a large sum into stETH also suggests the investor views current price levels as a strategic accumulation opportunity, betting on the network's long-term value and the staking economy's strength.
If this move signals a trend among other large holders, it could potentially trigger a new cycle of significant capital inflows into liquid staking protocols like Lido in the coming weeks.
