[Update] Whale Transfers Nearly $90 Million Worth of Ethereum to Kraken

After a prolonged period of dormancy, a whale has deposited nearly $90 million worth of Ethereum onto Kraken.

A whale unexpectedly transfers nearly $90 million worth of Ethereum to Kraken. Photo: TheNewsCrypto

A major Ethereum (ETH) holder surprised the market by transferring approximately $90 million worth of this token to Kraken, following 5 years of dormancy, as reported by Lookonchain.

According to research, the aforementioned whale deposited 39,260 ETH to Kraken on the morning of 05/12. This address had previously received 47,260 ETH from a transaction back in 2017, when ETH was valued at only $240 per token, amounting to less than $12 million USD at the time.

Another analysis by CoinDesk indicates that the whale's wallet has no known ties to any exchange. However, at least one transaction related to the trading firm Cumberland, reflected by Arkham's wallet labeling system, has been observed.

Photo: Arkham Intelligence

Earlier today, the market depth on Kraken for ETH trading pairs exceeded $5 million USD, suggesting that large trades of ETH could potentially cause minimal price impact of up to 2% on the market.

Typically, moving large amounts of coins/tokens to an exchange signals profit-taking by investors, increasing selling pressure or conversions into other tokens. It remains unclear whether the wallet address in question has sold Ethereum yet, but ETH prices have surged, reaching a new high for 2023 at $2,312 USD, alongside Bitcoin's successful return to the $44,000 USD mark.

1-hour chart of the ETH/USDT pair on Binance at 09:30 AM on 06/12/2023