The wallet address 0x2e80 has just withdrawn 19,000 ETH worth $35.44 million from the Gemini crypto exchange. According to monitoring by on-chain analytics account @lookonchain on X, the tens of thousands of coins were not left idle in a liquid wallet. The owner also did not send the coins to a decentralized exchange (DEX) platform. The entire balance of this latest withdrawal was immediately deposited into the Ethereum network’s staking protocol.
The report, which has garnered 361 likes, also shows a series of previous movements. Today’s withdrawal confirms a long-running trend that has lasted nearly a full month. Over the past three weeks, the same wallet has continuously moved assets from the Gemini account. In total, the accumulated withdrawals have reached 112,000 ETH, equivalent to $208 million. All coins from the exchange share a single final route: entering staking lockup.
Consistently Avoiding the Open Market
Data on this wallet’s activity shows an uninterrupted pattern of accumulation. Every time the owner withdraws funds from Gemini, the route is always a straight line to the Ethereum consensus network. Not a single ETH coin has been set aside to be sold back on the market, lent, or circulated on other open exchanges.
The move to increase locked positions occurred just as crypto market prices were under pressure. When the market trend turns red, the average investor tends to secure cash or at least hold coins in a liquid state ready to be sold at any time. Wallet 0x2e80 bypassed that defensive instinct. This whale chose to lock up $208 million of their assets in a protocol that requires multiple waiting periods if they want to withdraw them.
Two Opposite Directions in One Market
This aggressive decision by wallet 0x2e80 stands out even more because it collides with the trend of other large players. A number of heavyweight institutions, including corporations like Strategy, have recently shown the opposite pattern. They are actively offloading coin holdings from institutional bags to the market. This selling wave has been one of the drivers behind the sluggish pace of recent price recovery.
Market pressure always yields opposing investment decisions. For institutions with responsibilities to shareholders, price corrections are an alarm to immediately limit losses before quarterly reports close. For this solitary whale holding 112,000 ETH, the red in the market is nothing more than an opportunity to scoop up cheap capital and accumulate daily interest. In the end, the market always facilitates the meeting between those panic selling and those calmly accumulating.
Source: @lookonchain on X.
Baca juga: How Crypto Staking Works and Its Risks
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.
