Ethereum Whale Withdraws 3117 ETH, Suspected of Selling for Loss Amidst Market Volatility

On October 7, COINOTAG reported a significant movement in the cryptocurrency space as an ethereum staking whale, identified by wallet address 0x549…9eBC5, executed a withdrawal of 3,117 ETH, valued at approximately $7.58 million. Shortly after the withdrawal, this substantial amount was redirected to Binance, raising suspicions of potential liquidation. This stake had initially been deposited in the ether.fi staking platform seven months prior when ETH prices were around $3,869. Should this whale proceed with a complete sale, they would incur substantial losses estimated at $4.45 million. Throughout the holding period, the investor has also benefited from receiving around 166,000 ETHFI in airdrops, corresponding to a value of about $380,000, showcasing the nuances of staking profits in the volatile crypto market.