Three Wallets Withdraw $122M In Ethereum From FalconX And Kraken: Is Tom Lee Buying Again?
Ethereum is trading below $1,700 amid weak momentum and uncertainty. On-chain data shows three whale addresses, including two newly created wallets, withdrew about $122.29 million in ETH from FalconX and Kraken. The fresh-wallet behavior suggests long-term custody rather than near-term selling, indicating institutional conviction at current prices. One of the addresses had previously bought ETH and is now about $9.1 million underwater, yet still withdrew more ETH instead of reducing exposure. That pattern points to accumulation despite losses. Arkham also noted possible links to Tom Lee, and the activity aligns with Bitmine’s strategy of building a large ETH treasury position. Bitmine reportedly holds about $9.32 billion in ETH, equal to 4.59% of supply, and is still buying toward a 5% target.
