Ethereum is approaching a critical moment, with whales, exchanges, and staking data giving mixed signals. 🐋 Whales at Peak Profits Large ETH wallets (10k–100k ETH) now hold nearly $45B in unrealized gains — levels last seen in late 2021 before a massive rally. This shows strong conviction, but also the risk of heavy selling if profits are taken. 🔄 Exchange Outflows Surge Since June, 200k–400k ETH has been leaving exchanges daily. That’s a bullish sign, suggesting long-term holding or staking rather than selling. 📉 Staking Slows Down After record deposits in August, staking activity has cooled to its lowest level since late 2024. This may just be a pause after the surge, or a sign of caution. 🤔 The $4,600 Question ETH trades around $4,600, just under its ATH. Breakout above → could spark the next parabolic rally. Rejection → likely consolidation, with support near $4k. ✅ Bottom Line