Ethereum whale panics, exchange deposits spike

According to Spot on Chain, an alleged Celsius address deposited 8,091 ETH (approximately $24.5 million) into Coinbase 9 hours ago. This is the largest deposit the address has made in the last three months. The address had previously deposited 847,626 ETH (approximately $1.9 billion) to various exchanges between Nov. 13 last year and Jan. 31 this year for OTC transactions.

Meanwhile, a whale that bought ETH at the September 2022 bottom appears to be selling back into the market to cash out, as LookOnChain reported via Official X. "The whale bought ETH at the September 2022 bottom price. The whale deposited 5,000 ETH into Kraken an hour ago," the analysis said. LookOnChain continued, "This address withdrew 96,638 ETH from Coinbase between September 3-7, 2022. The average value at the time of the withdrawal was $1,567, totaling $151 million at the time. The address currently has 76,638 ETH ($233 million) remaining, for an estimated total profit of $153 million."