tl;dr
Ethereum has seen notable large wallet activity recently. New wallets withdrew a total of 71,025 ETH ($330 million) from Kraken over three days, including a single wallet withdrawing 53,434 ETH ($242 million). Meanwhile, some major holders sold portions of their ETH holdings during the price rally, ...
Ethereum (ETH) has experienced significant movements from major wallets recently. On-chain data reveals that a newly created wallet withdrew 17,591 ETH, valued at $81.62 million, from Kraken within just two hours. Over a span of three days, two new wallets pulled a total of 71,025 ETH, worth $330 million, from the exchange. Notably, one wallet, address 0x2A92, withdrew 53,434 ETH (approximately $242.34 million) in two days, which included a recent market dip purchase of 30,069 ETH valued at $138.46 million.
Conversely, several large ETH holders have been selling parts of their holdings amid the price rally. A wallet linked to hacker address 0x17E0 sold 4,958 ETH for $22.13 million at $4,463 per ETH, securing a profit of $9.75 million. This same address had sold 12,282 ETH earlier in the year at $1,932, then repurchased some at higher prices. Another whale offloaded 20,600 ETH over two days for $96.55 million, reaping a profit of over $26 million after holding for nine months. Meanwhile, an Ethereum Foundation-linked wallet, 0xF39d, sold 6,194 ETH worth $28.36 million over three days, averaging $4,578 per ETH, along with prior sales totaling over $12.7 million.
Ethereum’s network activity has also been on the rise. According to CryptoQuant data, total ETH tokens transferred have increased since August 9, climbing from a range of 1 to 3 million ETH per day in late July and early August to 4.6 million ETH, nearing the monthly high of 5.2 million recorded in mid-July. This spike in transfers coincides with the ETH price rally from around $3,400 to $4,600. Staking inflows have generally ranged from 20,000 to 80,000 ETH daily over the past month, but on August 14, inflows surged to 247,900 ETH, marking the highest level in the period, while ETH was trading near $4,600. Large staking deposits reduce circulating supply by locking ETH for set periods.
Currently, ETH trades at $4,647 with a 24-hour trading volume of $68.25 billion. The price has dipped by 2% in the last day but remains up 19% over the week, reflecting ongoing market dynamism amid significant whale activity and network engagement.