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A mystery whale now holds 3.08% of all ETH in circulation—that's $11.35 billion worth. Still got $880 million in the tank, gunning for a 5% stake. Last week during Fusaka? Dropped $296 million like it was pocket change. Here's the kicker: exchange supply just hit 8.7%, lowest level since Ethereum launched back in 2015. When someone hoovers up 3 million ETH in just two months, the entire game shifts.