Dormant Ether Whale Moves $13M in ETH to Kraken

An ether ($ETH) whale, who has held the token since its initial coin offering (ICO), made waves on Monday as it moved $ETH worth millions to crypto exchange Kraken, according to blockchain sleuth Spot on Chain.

The whale deposited 7,000 $ETH, worth $13.8 million at press time, to Kraken as the token's price plummeted along with the broader market on U.S. recession fears. Ether tanked to $1,760, reaching the lowest since October 2023, and last changed hands at $1,900.

Large inflows into exchanges are said to represent investors' intention to liquidate the asset or deploy the same as margin/collateral in derivatives trading. This often breeds price volatility.

The ether ICO whale still holds 30,070 $ETH worth over $50 million.