Whale Wallet Withdraws Nearly $10 Million of Ether From Kraken, Fueling Staking Bets

A whale wallet has withdrawn nearly $10 million worth of Ether from cryptocurrency exchange Kraken, prompting speculation that the tokens could be staked.

Onchain Lens said on Aug. 16 that the wallet withdrew 5,300 ETH from Kraken, worth about $9.98 million at the time.

The wallet made a similar move last month, withdrawing 357.1 ETH worth about $566,000 from Kraken before staking 224 ETH valued at about $351,000.

It now holds about 5,430 ETH worth roughly $10.25 million. Separately, 224 ETH remains staked.

Based on the wallet's previous fund-flow pattern, Onchain Lens said the newly withdrawn Ether could also be used for staking.