On-chain analysis has identified significant movements from multiple whale addresses, signaling potential selling pressure as long-term holders move assets to centralized exchanges. A whale address known for early entry into WBTC four years ago (average price $10,708) deposited 5,000 ETH, valued at approximately $15.36 million, into Binance. Over the past two weeks, this investor has transferred over 13,400 ETH to exchanges. This entity previously realized over $100 million in profit from BTC positions earlier this year. Separately, Lookonchain reported that an Ethereum OG—an early investor who has accumulated ETH since 2017 with an average cost basis of $517—deposited 18,000 ETH (approximately $54.78 million) into Bitstamp. These movements collectively suggest that long-term holders from the 2017 and 2021 cycles are realizing gains. [Update 1] A separate whale, identified as an early Ethereum investor since 2017, has deposited 18,000 ETH ($54.78M) to Bitstamp, adding to the recent trend of large inflows to exchanges alongside the previously reported WBTC whale.