An anonymous whale estimated to be an institutional investor deposited 70,739 ETH, worth about $174 million, to multiple exchanges over a recent 48-hour stretch and still holds 97,115 ETH valued at roughly $237 million. Blockchain trackers said the wallet earlier received 167,855 ETH, about $408 million, from multiple addresses before steadily funneling funds onto exchanges, with the transfers implying a price near $2,430 per ETH. Large exchange deposits are often read as preparation to sell, though custody, collateral, or over-the-counter settlement remain possible and no completed sale has been confirmed. On-chain analyst EmberCN earlier reported a related transfer of 52,739 ETH, worth about $129 million, to six centralized exchanges including Binance and OKX, with a residual 101,561 ETH at that snapshot, and said the holdings were withdrawn from Coinbase at an average $1,700 between 2021 and 2022, staked in 2023, unstaked in January 2025, then consolidated before exchange deposits. Earlier Lookonchain snapshots showed smaller deposits and different residual balances as the flows evolved; the remaining balance leaves room for further transfers that could rank among the year’s largest single-wallet ETH moves if they proceed.