A prominent Ethereum whale transferred 109,806 ETH, worth about $266 million, to major exchanges over three days, according to blockchain analytics firm EmberCN. The activity followed a reported 154,300 ETH deposit on Aug. 31, although that figure differs from the three-day transfer total. The wallet still holds 58,048 ETH, putting the estimated total sell volume at 167,864 ETH, valued at about $406 million. EmberCN said the whale acquired the ETH at an average price of $1,700 about two years ago and could realize roughly $122 million in profit if the full amount is sold. Exchange deposits are often viewed as potential precursors to selling and could increase short-term volatility, but they can also be used for staking, lending or transfers between wallets. The market impact will depend on whether the ETH is sold and how easily demand absorbs the supply. The activity highlights the role of on-chain analytics platforms such as EmberCN, Whale Alert and Nansen in monitoring large cryptocurrency transactions.