Dormant Ethereum Whale Moves $13M in ETH to Kraken
Large movements of cryptocurrencies on exchanges often cause price fluctuations.
Omkar Godbole | Edited by Parikshit Mishra , 11 Mar 2025 5:28 UTC
Important facts:
- Ethereum ICO whale transfers 7,000 ETH to Kraken after five months of inactivity.
- The transfer was made when the price of ETH fell to its lowest level since October 2023.
An Ethereum (ETH) whale who has held the token since its ICO made headlines on Monday by moving millions of dollars worth of ETH to cryptocurrency exchange Kraken, according to blockchain analyst Spot on Chain.
The whale deposited 7,000 ETH, worth $13.8 million at press time, into Kraken as the token's price fell sharply along with the broader market amid fears of a U.S. recession. Ether fell to $1,760, its lowest since October 2023, and was last traded at $1,900.
Large inflows into exchanges are believed to indicate investors' intention to sell the asset or use it as margin/collateral for derivatives trading. This often leads to price fluctuations.
The Ethereum ICO whale still holds 30,070 ETH, worth over $50 million.
