A significant Ethereum holder, identified by wallet address 0x346, deposited 4,000 Ether (ETH) worth approximately $9.14 million onto the Binance exchange within a recent two-hour window.
The deposited ETH was originally acquired at a cost of approximately $2,310 per token over a year ago. It was subsequently redeemed from the liquid staking token protocol Renzo and staked through StakeStone before being withdrawn and transferred to Binance.
Based on current cryptocurrency market prices, this large-scale deposit potentially represents an unrealized loss of approximately $216,000 for the whale if the assets are liquidated now. The transaction exemplifies the strategic asset management decisions undertaken by large-scale holders navigating price fluctuations within the Ethereum ecosystem.