Dormant Ethereum Whale Deposits $13.8M in ETH to Kraken Amid Market Sell-Off
An Ethereum (ETH) whale, inactive since the token’s initial coin offering (ICO), made a notable move on Monday, transferring 7,000 ETH—valued at $13.8 million—to crypto exchange Kraken, according to blockchain analytics platform Spot On Chain.
The transfer came at a time of heightened market volatility, with ETH plunging to $1,760—its lowest level since October 2023—before rebounding to around $1,900. The broader crypto market also faced downward pressure due to growing concerns over a potential U.S. recession.
Exchange Deposits Often Signal Selling Pressure
Large token inflows to exchanges are typically seen as a sign that investors may be preparing to sell or use their holdings as collateral for leveraged trading, both of which can amplify price swings.
Despite this recent movement, the ICO-era whale still holds a substantial 30,070 ETH, currently worth over $50 million. Traders will be closely watching for any additional transfers that could impact market sentiment in the coming days.
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