Dormant Ether Whale Moves $13M in ETH to Kraken

An ether (ETH) whale, who has held the token since its archetypal coin offering (ICO), made waves connected Monday arsenic it moved ETH worthy millions to crypto speech Kraken, according to blockchain sleuth Spot connected Chain.

The whale deposited 7,000 ETH, worthy $13.8 cardinal astatine property time, to Kraken arsenic the token's terms plummeted on with the broader marketplace connected U.S. recession fears. Ether tanked to $1,760, reaching the lowest since October 2023, and past changed hands astatine $1,900.

Large inflows into exchanges are said to correspond investors' volition to liquidate the plus oregon deploy the aforesaid arsenic margin/collateral successful derivatives trading. This often breeds terms volatility.

The ether ICO whale inactive holds 30,070 ETH worthy implicit $50 million.