Inactive Ethereum Whale Moves $87.5M to Kraken, Shakes Market Trend
Surprising Move of an Ethereum Whale Triggers Inflows
In recent weeks, we have mainly observed outflows from the exchanges for Ethereum, but this trend now seems to be reversing. On December 5, an Ethereum whale, who had been inactive for five years, initiated a significant transaction and transferred all his holdings to the Kraken exchange.
Ethereum Whale Causes a Stir
According to data from Lookonchain, this whale acquired a total of 47,260 ETH between June and August 2017 at an average price of 240 dollars per token. After having previously sold part of his holdings, he has now deposited the remaining 39,260 ETH tokens to the exchange. At the current market price, this corresponds to a value of around 87.5 million dollars. It is expected that the whale will generate revenues of about 78 million dollars from the sale of all tokens. This recent move has significantly disrupted the Ethereum exchange flow.
Ethereum Inflow Increases for the First Time This Month
The analysis of the Ethereum Exchange Netflow by CryptoQuant showed a consistently negative trend in recent days. This indicated an overhang of outflows from the exchanges. But in the last 24 hours, this pattern has clearly reversed. At the end of the trading day on December 4, CryptoQuant recorded an inflow of over 15,800 ETH. By the time of going to press, this positive trend had further intensified, highlighting the impact of the recent whale movement. The inflow has risen to over 39,400 ETH and could continue to rise until the end of the day. This not only points to the influence of the recent whale transaction, but also to a general increase in the amount of tokens deposited into the exchanges.
Ethereum Remains Above 2,000 Dollars
Ethereum has shown a positive trend in the last five days and has driven its price significantly above the 2,000 dollar mark. At the time of this update, however, it has suffered a minor setback, with a decline of about 1.5%. Nevertheless, it has maintained its upward movement and remains above the price level of 2,200 dollars.
Ethereum Trading Volume Increases
On December 4, Ethereum recorded a considerable trading volume of over 16 billion. This marks the highest volume in recent weeks. At the time of reporting, the trading volume had slightly dropped to around 14 billion.
Source: CryptoQuant, TradingView, Lookonchain
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