Crypto markets spent the early part of June in a steep corrective phase. Both Bitcoin and Ethereum touched multi-week lows as selling pressure intensified across exchanges. It was exactly at this juncture that on-chain data revealed a notable shift in whale behavior around Coinbase’s liquid staking derivative, cbETH. According to a Santiment market note, the number of cbETH transactions exceeding $100,000 surged to 185 in a single day on June 8—the highest level since January 9.