Whale Transfers Over $100M in ETH to Exchanges in Two Days

Large ETH inflows to exchanges from a single wallet rarely happen without intent, so the immediate question is whether this precedes distribution or simply a shift to OTC or staking-related venues. The move's significance lies in its timing and size relative to market depth, as it could amplify volatility if executed aggressively. Who it affects most is short-term liquidity traders and derivatives desks watching order books. What matters next is whether further tranches follow and whether on-chain activity confirms actual sell-side execution rather than collateral movement. Until that clarifies, the market may price in a risk premium on ETH's near-term upside.