Arkham

<p>After five years, a dormant ether (ETH) wallet was activated, transferring approximately $90 million worth of ETH to the cryptocurrency exchange Kraken. This movement was detected early Tuesday by the on-chain analytics tool Lookonchain. The wallet, classified as a “whale” due to its large holdings, deposited 39,260 ether into Kraken. It is important to know that the term “whale” refers to entities holding substantial amounts of cryptocurrency.</p>
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   <p lang="en" dir="ltr">An early <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$ETH</a> whale appears to be selling ETH again after being dormant for 5 years.<br><br>The whale deposited all 39,260 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$ETH</a>($87.5M) to <a href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#Kraken</a> 30 mins ago.<br><br>The whale received 47,260 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$ETH</a>($11.34M) at ~$240 from June to August 2017.<br><br>If sold the whale would make a profit of ~$78M. <a href="https://t.co/v0PI4LNTKO" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/v0PI4LNTKO</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1731898303527186562?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">December 5, 2023</a>
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<h2 class="wp-block-heading" id="historical-transactions-and-market-impact">Historical transactions and market impact</h2>
<p>The whale’s address initially received 47,260 ether in 2017, valued at over $11 million at that time. Analysis from Arkham Intelligence <a href="https://platform.arkhamintelligence.com/explorer/address/0x49664b462Ea58135ff73c09154d5eB61F31F8f8b" rel="noopener noreferrer nofollow" target="_blank">reveals</a> that past transactions from this address were not linked to the cold storage wallets of any major exchange. However, one transaction may have connections to an address associated with Cumberland, a prominent trading firm, as indicated by labeling on the data tool Arkham. The movement of such a large volume of ETH to an exchange like Kraken suggests potential scenarios: the holder might exchange ETH for stablecoins, adding selling pressure to the market or pivot to other cryptocurrencies.</p>
<h2 class="wp-block-heading" id="kraken-s-market-depth">Kraken’s market depth</h2>
<p>At the time of the transaction, Kraken’s market depth for ether trading pairs exceeded $5 million. In this context, a buy or sell order of this magnitude could influence the market price by at least 2%. This substantial transfer raises questions about the holder’s intentions and the potential impact on the ether market.&nbsp;</p>
<p>Overall, this dormant holder’s transfer of a large amount of ETH to Kraken has attracted attention within the cryptocurrency community. It also underscores the influence of major players in the digital asset markets.&nbsp;</p>

Dormant whale awakens after 5 years; transfers $90M worth of Ether to Kraken

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