Ethereum ($ETH) has experienced significant whale activity over the past 12 hours, as two new whale wallets withdrew a combined 40,000 ETH—worth approximately $94.6 million—from the Kraken exchange. On-chain data from Arkham Intelligence reveals the transfers occurred in multiple tranches, including a massive 30,000 ETH transaction ($70.96 million) and a separate 10,000 ETH withdrawal ($23.65 million).
The withdrawal patterns closely mirror those previously linked to Bitmine, a known entity in the crypto space, leading to widespread speculation that renowned investor Tom Lee might be behind the accumulating addresses. Arkham Intelligence highlighted the similarity on X (formerly Twitter), asking: “Is this Tom Lee stacking ETH?”
At press time, Ethereum is trading at $2,364.38, down a modest 0.88% over 24 hours. Despite the slight dip, the whale portfolio sits near $95 million, suggesting a long-term accumulation strategy rather than short-term trading. The exchange outflows align with a broader narrative of institutional-scale positioning, reminiscent of prior Bitmine-associated ETH stacking that preceded significant price rallies.
Market observers interpret the $100 million accumulation as a potential signal of growing institutional confidence in Ethereum’s long-term trajectory, which could enhance liquidity and volatility. If the speculation about Tom Lee’s involvement proves correct, it would mark a substantial vote of faith from a prominent investor, potentially kickstarting a wider institutional push toward the next bull run.
