According to blockchain tracking firm Lookonchain, an Ethereum investor recently deposited 10,000 Ethereum (ETH) tokens to the Kraken exchange.

The whale withdrew a whopping 96,639 ETH from the Coinbase exchange in early September when Ethereum was in a bear market. Back then, the second-largest cryptocurrency was trading at the $1,500 level.

The whale has deposited 40,000 ETH tokens to Kraken since early March, securing a massive profit of $178 million.

According to CoinGecko, the ETH price is currently sitting at $3,397 after dipping 2.3% over the past 24 hours.

The cryptocurrency is under selling pressure despite the successful launch of various Ethereum exchange-traded products on Wednesday. As reported by U.Today, these products managed to debut with “very solid” inflows of $107 million.

Notably, the whale moved to cash out the latest batch of its ETH holdings right after the launch of Ether ETFs. As reported by U.Today, an ancient Ethereum address containing nearly 1,000 ETH tokens was also activated right on the cusp of the ETH launch day. This was the first activation of such an old wallet during July.

Meanwhile, Ethereum ETFs are benefiting from strong investor enthusiasm. According to Bitwise’s Teddy Fusaro, these products have already traded $852 million in value on their second day of trading.

With that being said, Grayscale’s outflows will likely remain a bearish catalyst for the Ether price in the near future despite strong inflows recorded by BlackRock’s and Fidelity’s products.

QCP has maintained a positive ETH outlook, noting that it took Bitcoin more than two months to reach a new record peak following the launch of ETHs in January.