Key Takeaways:
- Three unidentified wallets withdrew $122M in ETH from FalconX and Kraken.
- The withdrawals reduce available exchange supply, signaling potential accumulation.
- ETH traded below $1,700 as the broader market faces directionless grinding.
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Three wallets pull $122M in Ethereum from exchanges as ETH struggles below $1,700
Three wallets withdrew $122 million in Ethereum from FalconX and Kraken on June 10, on-chain data from Arkham Intelligence shows, as ETH traded below $1,700.
"Large institutional withdrawals of this magnitude from exchanges typically point to accumulation rather than selling intent," the Arkham data indicates, with the three wallets moving funds to fresh addresses not associated with any exchange.
The transfers occurred as Ethereum struggled to hold above $1,700, a level that has acted as resistance since early June. Exchange supply reductions of this scale remove tokens from immediate sell-side availability, a dynamic historically associated with reduced downward pressure.
The $1,700 level remains the immediate hurdle. A failure to reclaim it could see ETH grind lower toward the $1,550 support zone, while a break above would open a path to $1,850, according to technical levels tracked by CoinGecko.
The withdrawals come on the same day Kraken launched CFTC-regulated perpetual futures through its Bitnomial unit, expanding its US derivatives offering. The exchange had announced the plan in late May, following CFTC Chair Michael Selig's push to bring crypto derivatives onshore.
The three wallets — identified by Arkham but not linked to any known entity — moved the Ether in a series of transactions that began at approximately 14:00 UTC on June 10. The funds originated from FalconX, a prime brokerage, and Kraken, one of the largest US-based exchanges by volume.
Speculation on social platforms has centered on whether the buyer could be Tom Lee, the Fundstrat co-founder known for his bullish crypto calls. Neither Lee nor Fundstrat has commented on the transactions.
The broader Ethereum market has been listless, with daily trading volume averaging $12 billion over the past week, down from a March peak of $28 billion, per CoinGecko data. Open interest in ETH futures on major venues stood at $8.2 billion as of June 10, with funding rates near neutral at +0.005%, suggesting no directional conviction among leveraged traders.
If the $122 million withdrawal represents accumulation by a single institutional entity, it would rank among the largest known ETH exchange outflows of 2026. The last comparable move occurred in March, when $150 million in ETH left Coinbase over a 48-hour period, preceding a 12% rally.
This article is for informational purposes only and does not constitute investment advice.
