Dormant Whale Deposits 33,180 ETH Worth $86.93M to Bitfinex

The notable detail is not the size but the dormancy: coins idle for over two years moving to an exchange is the classic precondition for a sale, though a deposit alone proves nothing about intent. What matters is that a large, long-held position is now sitting on a venue's books, where it becomes visible supply rather than an inert balance. Whether the ETH is actually sold, held on the exchange, or withdrawn again is the open question, and that follow-through, not the transfer itself, is what the market will read.