On-chain data shows that a large whale has been actively withdrawing ETH over the past 12 hours. This operation involves multiple major exchanges, with a total of 20,000 ETH withdrawn, worth approximately $62.3 million at the current price. Such a large-scale withdrawal usually indicates that the whale is adjusting its position or preparing for subsequent actions. These massive outflows are often signals that market participants pay close attention to — they may reflect institutional bearish sentiment or simply risk management. The market has always been highly sensitive to such whale movements.