Ethereum whale stakes $93.6M in ETH as price holds $1,800 support

An Ethereum whale moved $93.6 million in ETH off Binance and staked it, extending an accumulation streak that now totals 90,000 tokens.

An Ethereum whale staked 50,000 ETH worth $93.6 million as the token held support near $1,800, extending an accumulation streak to 90,000 ETH.

The move was flagged by Lookonchain, which tracks large wallet movements, and confirmed by Onchain Lens, which reported the whale withdrawing the funds from Binance in a single transaction.

The whale, identified as 0x2d59, bought 40,000 ETH for $76.66 million a week earlier, bringing total accumulation to about $170 million. Of the 90,000 ETH moved off the exchange, 40,000 has been staked, locking the tokens to help secure the Ethereum network in exchange for rewards.

ETH traded at $1,887.04 with a 24-hour volume of $8.05 billion and a market capitalization of $227.73 billion, holding the $1,720-$1,780 support zone that traders say must hold for a push toward the $2,200 target. A breakout above $1,875 resistance would open that path.

Whale Accumulation Points to Long-Term Conviction

The decision to stake rather than hold on an exchange reduces the liquid supply available for trading, a pattern that has supported ETH since Ethereum's shift to proof-of-stake. Staked tokens carry a waiting period to unstake, so the whale's move suggests a holding horizon measured in months rather than days.

The accumulation comes as Ethereum staking hits a record 41.7 million ETH, according to Tronweekly, even as the broader crypto market shows mixed signals. Bitcoin's recent pullback has weighed on altcoins, keeping ETH in neutral territory despite the whale activity. BTC dominance has climbed as traders rotate out of riskier tokens, a backdrop that has kept ETH's recovery capped below $1,900.

EIP-8363 Threatens Staking Rewards

A separate proposal, EIP-8363, would cut staking rewards, a change that could reduce the appeal of locking up ETH at a time when record amounts are already staked. Lower yields may slow new deposits, though the whale's continued accumulation suggests large holders are not yet deterred.

Traders will watch whether ETH can clear $1,875 with volume, which would strengthen the case for the $2,200 target. A break below $1,720 would invalidate the bullish setup and could accelerate selling, exposing the token to a retest of lower levels.

This article is for informational purposes only and does not constitute investment advice.