The transfer, valued at $9.34 million, moved Ethereum from a centralized exchange to staking via Lido, where users receive stETH that can still be used across DeFi applications.
An anonymous whale address beginning with 0x2684 withdrew 4,950 ETH worth about $9.34 million from Binance and deposited the tokens into Lido, according to Onchain Lens. The move shifted Ethereum off a centralized exchange and into staking, a step traders often watch as a sign of longer-term positioning rather than near-term selling. Lido is a liquid staking protocol that lets users stake ETH while receiving stETH, a tokenized claim that can still be used in decentralized finance applications. The transaction comes as ETH prices fluctuate and staking yields continue to draw interest, with Dune Analytics data cited in the source showing Lido accounts for nearly one-third of all staked ETH.