Ether Whale Activity on Kraken

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 the 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, driven by U.S. recession fears. Ether tanked to $1,760, marking the lowest price since October 2023, and last changed hands at $1,900.

Large inflows into exchanges are said to represent investors’ intention to liquidate their assets or utilize them as margin/collateral in derivatives trading. This often leads to market price volatility.

The ether ICO whale still holds 30,070 ETH, worth over $50 million.

Source: Spot On Chain