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This operation is more like moving chips off the exchange and directly into staking, which is slightly positive for $ETH in the short term. The withdrawal of 11,999 $ETH from Coinbase immediately into staking indicates that this whale is more concerned with holding yield rather than waiting to sell. Continued outflows from exchanges combined with staking accumulation will tighten the circulating supply, and $ETH 's upside elasticity will be higher. $ETH