Overview

An ether (ETH) whale that had remained inactive for five months transferred 7,000 ETH—equivalent to $13.8 million—to the crypto exchange Kraken as the price of ETH fell to its lowest since October 2023. The transaction was noted by Spot on Chain, a blockchain tracking service.

Market Impact

This transfer comes amid broader market downturns amid fears of a potential U.S. recession, with ETH’s price hitting $1,760 before slightly recovering to about $1,900. Large deposits into an exchange typically signal investors’ intent to sell or use their assets for trading leverage, which can cause significant price fluctuations.

The whale still retains 30,070 ETH, valued at over $50 million.

ETH ICO Whale Becomes Active ETH ICO whale becomes active. (Pexels/Pixabay)

Ether ICO Whale Ether ICO whale. (Spot On Chain)