Dormant Ethereum Whale Moves $13.8M in ETH to Kraken Amid Market Slump
A long-inactive Ethereum (ETH) whale, who has held the asset since its initial coin offering (ICO), stirred the market on Monday by transferring 7,000 ETH—valued at $13.8 million—to the crypto exchange Kraken, blockchain analytics platform Spot On Chain reported.
The move coincided with a sharp decline in ETH’s price, which dropped to $1,760—its lowest level since October 2023—before rebounding to around $1,900. The broader crypto market suffered as well, weighed down by growing concerns over a potential U.S. recession.
Potential Market Impact of Large Exchange Deposits
When large investors transfer significant amounts of crypto to exchanges, it often signals an intention to sell or use the assets as collateral for derivatives trading. Such moves tend to increase market volatility, as they can lead to heightened selling pressure or leveraged trading activity.
Despite this recent transfer, the ICO-era whale still holds a substantial 30,070 ETH, valued at over $50 million. The market will be watching closely to see whether further moves follow, potentially adding to price swings in the coming days.
