✍️ TL;DR: Whale moves dominated by stablecoins & Ethereum
📊 Metrics used: Centralized Exchange Whale Deposits
🐳 According to centralized exchange whale data, major coin transfers to centralized exchanges have included Ripple USD, Ethena USDe, Global Dollar USDG, Ethereum, and staked Ethereum over the past 24 hours. The fact that many of the largest deposits are stablecoins is notable because stablecoins often act as “dry powder” on exchanges, giving large traders capital they can quickly deploy if they want to buy dips or rotate into risk assets.
👀 The non-stablecoin deposits are the ones traders should watch more carefully. Large ETH and stETH transfers to centralized exchanges can increase short-term selloff risk, since whales often move assets onto exchanges when they’re preparing to sell, hedge, or rebalance. That doesn’t guarantee downside, but with markets still fragile, these deposits suggest some larger wallets are keeping their options open rather than fully committing to accumulation.
