According to on-chain monitoring by Lookonchain, a whale address identified as 0xc1b6 deposited 5,000 ETH (worth approximately $9.8 million) to the Kraken exchange as Ethereum’s price fell to $1,960, likely to execute a stop-loss order. The same address had accumulated 5,003 ETH two months ago at an average price of $1,999, investing roughly $10 million. If the position were fully sold at current levels, the loss would amount to about $200,000.
On-chain data shows no other significant movements from this wallet during the holding period, and the deposit occurred precisely when the price slipped below the cost basis. The move illustrates a classic stop-loss discipline, as the whale chose to exit rather than risk further declines. This comes amid a broader downturn in ETH, with several large holders reducing their exposure.