Early Ether Whale Transfers $90M ETH to Kraken: A Deep Dive

• Ethereum Whale Moves $90 Million to Kraken After Years of Inactivity
• Whale Makes Large Deposit During Asian Trading Hours
• Transaction Analysis Reveals No Connection to Cold Storage
• Implications of a Whale's Move to an Exchange
• Kraken's Market Depth and Potential Impact on Ethereum Market

Ethereum Whale Moves $90 Million to Kraken After Years of Inactivity

A significant Ethereum$2,315 -2.42% (ETH) holder has reportedly transferred close to $90 million worth of the crypto asset to the exchange Kraken. The transaction took place after five dormant years, according to details shared by on-chain analytics platform Lookonchain early on Tuesday.

Whale Makes Large Deposit During Asian Trading Hours

The whale, a term used to describe a substantial holder of any crypto token, deposited 39,260 Ether into their Kraken account during Asian trading hours, as evidenced by blockchain data. This particular address had previously received a deposit of 47,260 Ether, valued at just above $11 million at that time, from a single transaction back in 2017.

Transaction Analysis Reveals No Connection to Cold Storage

An analysis of the source address reveals that past transactions are not connected to the cold storage of any known exchange. However, it is possible that at least one transaction may be linked to an address that belongs to trading firm Cumberland, as indicated by labeling on data tool Arkham.

Implications of a Whale's Move to an Exchange

When a whale moves their tokens to an exchange, it usually signifies an intention to sell tokens for stablecoins or convert them into other tokens, potentially increasing selling pressure.

Kraken's Market Depth and Potential Impact on Ethereum Market

Meanwhile, it has been noted that the available market depth on Kraken for Ethereum trading pairs is over $5 million as of Tuesday morning. Therefore, a buy or sell order of this magnitude could result in a market shift of at least 2%.

Edited by Jonathan Stoker