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The <a href="https://en.coin-turk.com/" target="_blank" rel="noopener" data-wpel-link="internal">cryptocurrency</a> market is gradually compensating for the effects of the Binance and Coinbase lawsuits and reverting to its old state. Bitcoin (BTC), the leading cryptocurrency, is struggling to stay above $26,000, and altcoins are striving to follow suit. However, Ethereum (ETH), the second-largest cryptocurrency by market value, experienced a remarkable and terrifying situation a few hours ago. 
<h2 style="text-align: justify;" id="what-does-the-huge-eth-transfer-mean">What Does the Huge ETH Transfer Mean?</h2>
According to information shared by Whale Alert, an unknown crypto wallet address sent 80,000 ETH worth $140 million to the Kraken crypto exchange. The transfer raised eyebrows as it came directly from a private wallet address. The wallet owner, by choosing Kraken over Coinbase, affected by the lawsuits, could have been securing their investment. 
<img decoding="async" loading="lazy" class="aligncenter wp-image-84038 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/06/eth-12.png" alt="" width="1028" height="828" srcset="https://en.coin-turk.com/wp-content/uploads/2023/06/eth-12.png 1028w, https://en.coin-turk.com/wp-content/uploads/2023/06/eth-12-211x170.png 211w, https://en.coin-turk.com/wp-content/uploads/2023/06/eth-12-768x619.png 768w" sizes="(max-width: 1028px) 100vw, 1028px" />
Upon analyzing the wallet, it was observed that the user made numerous transfers, a significant portion of which originated from the Binance crypto exchange. Approximately 30 days ago, this wallet began making substantial transfers from Binance and then appeared to invest in talked-about meme tokens such as BOB, BEN, and PSYOPS. 
It is also noteworthy that the user interacted with Disperse.App, a tool commonly used by users controlling many accounts. 
<h2 style="text-align: justify;" id="transferred-870-million-worth-of-eth">Transferred $870 Million Worth of ETH</h2>
The last six ETH transfers of this unknown <a href="https://en.coin-turk.com/us-based-crypto-exchanges-bitcoin-and-ethereum-reserves-plunge-below-50-amid-increasing-regulatory-pressure/" target="_blank" rel="noopener" data-wpel-link="internal">Ethereum</a> whale were made exclusively to Kraken. The total of these recent transfers equates to 500,000 ETH, corresponding to over $870 million at current prices. 
<img decoding="async" loading="lazy" class="aligncenter wp-image-84037 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/06/ethereum-4.png" alt="" width="1376" height="422" srcset="https://en.coin-turk.com/wp-content/uploads/2023/06/ethereum-4.png 1376w, https://en.coin-turk.com/wp-content/uploads/2023/06/ethereum-4-300x92.png 300w, https://en.coin-turk.com/wp-content/uploads/2023/06/ethereum-4-768x236.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/06/ethereum-4-1200x368.png 1200w" sizes="(max-width: 1376px) 100vw, 1376px" />
The reasoning behind the Ethereum whale&#8217;s specific choice of Kraken or the sudden move of funds from a decentralized application to a centralized exchange is unknown. Possibilities include cashing out ETH into USD or realizing profits. While this unknown whale doesn&#8217;t seem to have engaged in suspicious activities like using a mixer, the use of Disperse.App can raise doubts. 
During times of uncertainty in the crypto sector, it is known that a significant portion of the funds sent to centralized exchanges are used to mitigate risk. Although the chance is slim, it could be considered that this investor is preparing for a storm. If that&#8217;s the case, we might witness serious volatility in ETH prices in the coming week. 
The post <a rel="nofollow" href="https://en.coin-turk.com/cryptocurrency-market-reacts-enormous-eth-transfers-on-kraken-possible-market-movements-ahead/" data-wpel-link="internal">Cryptocurrency Market Reacts: Enormous ETH Transfers on Kraken, Possible Market Movements Ahead? </a> appeared first on <a rel="nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Cryptocurrency Market Reacts: Enormous ETH Transfers on Kraken, Possible Market Movements Ahead?

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