A long-dormant Ethereum (ETH) whale, active since Ethereum’s initial coin offering (ICO) in 2015, transferred 7,000 ETH worth $13.8 million to crypto exchange Kraken, according to blockchain analytics platform Spot On Chain.
Dormant Ethereum Whale Moves $13 Million in ETH to Kraken Amid Market Turmoil
Large movements of crypto assets into exchanges often signal an intent to sell the funds or use them as collateral in derivatives trading. Such inflows can add to price volatility, especially when they coincide with broader market declines.
- ETH Price Drop: The whale’s deposit comes as Ethereum fell to $1,760, its lowest price since October 2023, amid fears of a US recession.
- Current ETH Price: The token has since made a slight recovery to $1,900.
Baliba’s Assets and Potential Impact
The wallet, which has been largely inactive since the Ethereum ICO, currently holds 30,070 ETH worth over $50 million. If more large-scale transfers occur, ETH markets could experience continued volatility in the coming days.
Investors will be watching closely to see if this move signals a trend among early ETH holders liquidating their holdings or if it remains an isolated incident.
*This is not investment advice.
