Inactive Whale Withdraws 5,099 ETH from Kraken and Stakes $15M via Lido
An anonymous, previously inactive Ethereum whale withdrew 5,099 ETH (≈$15.17 million) from Kraken and immediately staked the entire amount through Lido, receiving ~5.1K stETH in the same wallet. Arkham on-chain records show the address (0x761F2F) had been dormant for over three months; its last notable activity involved large USDC transfers with Symbiosis and Hyperliquid. The withdrawal occurred as ETH traded near a local support zone around $2,939, suggesting the whale views current weakness as a buying or long-term staking opportunity. The move converted centralised exchange liquidity directly into staking exposure without DEX swaps, potentially signaling renewed inflows into Lido if other large holders follow. Key figures: 5,099 ETH withdrawn, ~ $15.17M value, immediate conversion to ~5.1K stETH. Primary keywords: Ethereum whale, ETH staking, Lido, Kraken, stETH.
Bullish
The whale’s action is bullish for ETH staking demand and sentiment. By withdrawing 5,099 ETH from Kraken and immediately converting it to stETH via Lido, the address removed sell-side liquidity from a major exchange and locked it into staking — a structural decrease in circulating supply on exchanges. Historically, similar large transfers from CEX to staking or cold wallets (or long-term holdings) have supported upward price pressure or limited downside by reducing available liquidity for spot selling. The stake occurred near local support (~$2,939), implying accumulation rather than capitulation. Short-term impact: modest positive sentiment and potential price support if other whales mirror the move; could reduce immediate selling pressure on exchanges. Long-term impact: if this signals a broader trend of converting exchange balances into staking (especially via Lido), it increases ETH staking demand and network lock-up, which is supportive for price appreciation and reduces effective tradable supply. Risks and caveats: one whale alone may not move the market; if market volatility spikes, stETH liquidity and staking derivatives spreads could widen, and Lido concentration risks or regulatory headlines could offset bullish effects.