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Dormant Ether Whale Moves $13M in ETH to Kraken
Large movement of coins to exchanges often breeds price volatility.
What to know:
- An ether ICO whale transferred 7,000 ETH to Kraken after five months of inactivity.
- The transfer occurred as ETH's price tanked to lowest since October 2023.
An ether (ETH) whale, who has held the token since its initial coin offering (ICO), made waves on Monday as it moved ETH worth millions to crypto exchange Kraken, according to blockchain sleuth Spot on Chain.
The whale deposited 7,000 ETH, worth $13.8 million at press time, to Kraken as the token's price plummeted along with the broader market on U.S. recession fears. Ether tanked to $1,760, reaching the lowest since October 2023, and last changed hands at $1,900.
STORY CONTINUES BELOW
Large inflows into exchanges are said to represent investors' intention to liquidate the asset or deploy the same as margin/collateral in derivatives trading. This often breeds price volatility.
The ether ICO whale still holds 30,070 ETH worth over $50 million.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
