Ethereum ($ETH) is once again witnessing noteworthy whale activity, capturing market-wide attention. In this respect, the Ethereum whales have amassed a total of $94.6M in $ETH from the prominent crypto exchange Kraken over the past 12 hours. As per the data from Arkham Intelligence, the transfers, equaling 40,000 $ETH, denote buyout patterns formerly linked to Bitmine. This triggers speculation that Tom Lee, a renowned investor, may be engaged in substantial $ETH stacking.

WHALES JUST BOUGHT $100 MILLION ETH

2 fresh Whale accounts just withdrew a combined $94.6 Million of ETH from Kraken. Their purchase patterns match prior observed purchase patterns of Bitmine.

Is this Tom Lee stacking ETH? pic.twitter.com/fyTZTZ0D2z

Based on the on-chain data, the past 12 hours have seen the extraction of 40,000 $ETH, accounting for $94.6M from Kraken. Previously, Bitmine witnessed this pattern, raising the speculation of Tom Lee’s potential involvement in wide-scale $ETH stacking. The respective withdrawals took place in diverse tranches. These took into account a stunning 30,000 $ETH transaction, equaling a value of up to $70.96M, and another 10,000 $ETH, with its value reaching $23.65M.

This activity underscores the rising impact of institutional-scale accumulation in the market dynamics of Ethereum ($ETH). The market statistics disclose that $ETH is currently changing hands at $2,364.38, underscoring a modest -0.88% dip over 24 hours. Irrespective of this minor dip, the $ETH whale portfolio stands strong, as the balance history charts are hovering around almost $95M spot.

Apart from that, the exchange data points out that the whales are actively positioning for long-term accumulation instead of short-term trading. Additionally, the stability of the whale portfolio reaffirms the strategic stacking narrative, in line with prior Bitmine-associated activity patterns. At the same time, the massive scale of the respective transactions has also triggered speculation within the crypto circles. Thus, several are speculating whether Tom Lee is driving this accumulation, just like the previous case of Bitmine’s massive $ETH staking.

According to Arkham Intelligence, if these transfers are really linked to Lee, the move would indicate growing confidence in the long-term trajectory of Ethereum. Such developments often take place ahead of staggering price rallies, enhancing liquidity and volatility within the Ethereum network. Overall, as $ETH whales are filling their wallets with new inflows, the market onlookers will be closely watching whether the $100M accumulation denotes the commencement of a wider push by institutions toward another key bull run.

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