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On October 22, on-chain monitoring reports said that three whale addresses had recently withdrawn a total of 24,454 $ETH from exchanges, worth approximately $60.68 million. Some of it was subsequently staked or deposited into lending protocols. The tokens leaving exchanges are worth watching, but withdrawals alone are not evidence of new buying. If these addresses continue withdrawing and hold on to the tokens, that could be positive for the amount of $ETH available for sale on exchanges. Next, watch whether they continue transferring tokens out or quickly send them back.
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