A newly created wallet starting with 0xf23c withdrew 10,000 ETH worth $18.6 million from the Binance exchange. The funds were not left idle. Without delay, the assets flowed directly into a staking protocol, locking all 10,000 coins in a single decisive move.
According to on-chain tracker @lookonchain on X, this pattern signals clear accumulation by Ethereum whales. Amid persistent broader market selling pressure, deep-pocketed wallets continue actively accumulating ETH. They consistently move assets off open exchanges and lock them away from short-term circulation. This steadily climbing ETH staking volume reinforces long-term conviction among holders, signaling that large investors have no intention of offloading their holdings anytime soon despite choppy market conditions.
Who Else Is Accumulating?
The 0xf23c wallet maneuver is not an isolated event. Appetite for holding Ethereum is also clearly visible in institutional flows. Ethereum ETF investment products recorded net inflows of $105 million over the past week, adding to mounting evidence that institutional demand for Ethereum is rebounding sharply alongside on-chain players.
Market analyst Jordi Visser noted that investor attention is gradually shifting from other assets. He predicts more market participants will focus on Ethereum, while also sharing his own ETH trading strategy. When fresh institutional capital meets bottom-buying from on-chain whales, the liquid ETH supply on order books steadily thins out.
Whales and Mid-Tier Holders Take Diverging Paths
This trend has also spilled over into the Bitcoin market. Large whales accumulated 66,700 BTC over the past 60 days, according to data from CryptoQuant. Conversely, mid-tier Bitcoin holders headed for the exits, offloading 77,800 BTC over the same period. This reflects a clear shift in coin ownership from mid-sized holders to large-scale investors.
However, short-term selling pressure has not completely disappeared. Some whales still opted to take profits. Another large wallet transferred 19,234 ETH back to Binance for immediate liquidation. A distinct tug-of-war is underway on trading desks between those seeking quick cash and those steadily building long-term positions.
For retail investors, watching $18.6 million in crypto get locked directly into the network is a crucial signal. When deep-pocketed players willingly forfeit their sell liquidity to capture staking rewards, they are sending a clear message that current prices are worth holding.
Reported via @lookonchain on X.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
