Three whale addresses, two of which were newly created, have withdrawn $122.29 million worth of ETH from FalconX and Kraken in what on-chain analysts are referring to as an important accumulation signal.
The move is being tracked across cryptocurrency monitoring communities and details are specific. Two of the three addresses in question are completely new, suggesting new capital entering the market rather than an existing holder simply redistributing funds between portfolios. The third address has a history, having previously purchased ETH and currently incurring an unrealized loss of $9.1 million from that previous entry. Even though it was underwater, it added more.
Timing is important. Ethereum has been under sustained selling pressure, sentiment across the market has turned broadly negative, and the transfer of $122 million from two major exchanges in a coordinated manner is exactly the kind of on-chain signal that experienced market participants stop to look at carefully.
These three whales just bought $100 million worth of Ethereum
3 whale addresses (2 of which are new addresses) have withdrawn a total of $122.29 million in ETH from FalconX and Kraken.
The address that previously purchased ETH is currently down $9.1 million from its previous purchase. Is this Tom Lee? pic.twitter.com/FaqtTagpJF
– Arkham (@Arkham) June 10, 2026
What the data on the chain actually shows
Three titles. Two fresh. One with prior exposure to ETH is already in the red. All three companies pulled ETH from exchanges in the same window, worth a combined $122.29 million via FalconX and Kraken. This is raw data, and it’s worth sitting down with it before drawing conclusions from it.
The drain withdrawal mechanism is important here. When ETH moves from a central exchange to a private wallet, it falls out of the pool of assets available for sale immediately. Every coin that leaves an exchange reduces the sell-side liquidity available on that platform. Do this on the scale of $122 million across two exchanges simultaneously and the impact on near-term supply dynamics is real rather than theoretical.
New address details add another layer. New wallets receiving large withdrawals of ETH typically indicate new capital coming into the market, not money recycled from an existing position being moved. Two out of three newly created addresses indicate that at least part of the $122 million represents money that was not previously in ETH at all, and is now being deliberately inserted at current prices.
The underwater whale is the most interesting part
One of the three titles has a history that followers on the chain can see. You purchased ETH at a higher price in a previous transaction and currently carry an unrealized loss of $9.1 million on that position. However, it is adding more ETH despite being underwater at its current input.
This behavior has a specific name in market structure analysis. He is either a conviction buy, a bearer so confident in his thesis that a paper loss does not change his view on the asset, or dollar cost averaging, deliberately lowering the average entry price across multiple purchases to reduce the break-even point. Either way, it is the opposite of panic selling, which what broader market sentiment might suggest is the rational response to an asset that is declining.
A frequently asked question in the on-chain monitoring communities is whether this address belongs to Tom Lee, whose Bitmine fund openly and aggressively accumulated ETH through a recent withdrawal. The address cannot be confirmed as Lee’s from available data, but the pattern of behavior, which adds to ETH’s underwater position with conviction during a period of negative sentiment, matches what Bitmine has publicly described as its strategy.
Why a $122 million deduction from the stock market is a meaningful signal
Exchange outflows on this scale do not occur quietly or by chance. Moving $122 million worth of any asset from two major exchanges in one coordinated window requires deliberate action by parties that have made a specific decision about where they want their assets to rest, which is not on an exchange where they can be sold quickly.
The classic reading for large currency withdrawals is accumulation. Coins leaving exchanges reduce available selling pressure. Coins in private wallets will not reach the order book in the next hour. When the drawdown is this large and concentrated in a short period of time, it tends to be interpreted as a signal that serious money has decided that current prices are worth owning and holding rather than trading.
It’s also worth noting the coordinated nature across both FalconX and Kraken. FalconX is primarily an over-the-counter institutional desk, not a retail platform. The withdrawals arising from FalconX carry a specific institutional flavor that reinforces the reading that this is a structured and deliberate deployment of capital rather than a retail activity.
What are the new titles that refer to the new capital?
The two newly created addresses in this group do something specific from an on-chain analysis perspective, and they suggest that this isn’t limited to existing ETH holders just moving coins around their own wallets. New addresses receiving large withdrawals of ETH from major exchanges typically represent new capital making a first entry into the asset.
If this reading is correct, it means that part of the $122 million is money that was sitting elsewhere, other cash, other assets and other blockchains, and you have now made a deliberate decision to enter ETH at current prices. This is a different and arguably more bullish signal than existing whales that shuffle holdings between portfolios. New money entering an asset during a period of negative sentiment and sustained price pressure is a contrarian move that carries more weight than recycled capital.
The fact that new capital is entering at the same time as an existing whale is retreating into a losing position creates a picture of many independent players all coming to the same conclusion about Ethereum at roughly the same price level. Coordinated in timing, different in origin, and all pointing in the same direction.
What does the market do with this information?
On-chain signals like these don’t move markets on their own, but feed into the broader mosaic of information that experienced traders use to evaluate where to put the smart money. $122 million worth of ETH was withdrawn from two major exchanges through three whale addresses, two of them new, one of which added to a losing position, a data point located on the upside of the ledger during a period when most visual signals were pointing the other way.
ETH’s response to this accumulation activity in the near term depends on factors that no on-chain analyst can fully predict, macro conditions, Bitcoin’s direction, broader risk sentiment, and whatever the next news cycle brings. But the mechanics of what happened are clear and straightforward. Significant capital has just moved from the exchanges to private custody at current prices. This reduces near-term selling pressure and suggests that at least some of the larger participants see value here that has not been reflected in recent price action.
Kraken and FalconX withdrawals will continue to be monitored. If more addresses follow the same pattern in the coming days, especially if more institutional-oriented platforms show similar streaming activity, the accumulation signal becomes stronger. Right now, $122 million leaving trading platforms in one move is the kind of data point that can’t be easily ignored by anyone who cares where the real money is going.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash To stay up to date on the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
