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A major player in the Ethereum (ETH) ecosystem has made headlines by transferring 3,510 ETH, valued at approximately $9.12 million, to Kraken. According to Lookonchain, this substantial deposit comes after the wallet had remained dormant for more than two years.
In an extraordinary move, this anonymous whale, who originally acquired 150,000 ETH for just $46,500 during Ethereum’s initial coin offering (ICO), has seen their holdings skyrocket to an estimated $389.7 million. This phenomenal increase, representing a surge of over 838,064%, underscores the potential gains in the cryptocurrency market.
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Simultaneously, another significant Ethereum transaction occurred. Spot On Chain reports that the wallet known as “0x999,” which is linked to Genesis Trading and its bankruptcy distribution, transferred 5,000 ETH, valued at around $12.9 million, to FalconX, a notable digital asset broker. This wallet still retains a substantial amount of ETH, approximately 162,000 ETH, currently valued over $423 million.
Impact of Major Ethereum (ETH) Moves
These substantial transfers by prominent Ethereum holders have sparked speculation about potential selling pressure in the market. Typically, when large amounts of cryptocurrency are moved to exchanges, it signals an intention to sell, leveraging the liquidity provided by these platforms.
Ethereum (ETH) Price Outlook
Despite these whale movements, Ethereum’s price has shown resilience, continuing its upward trajectory. ETH is currently trading around $2,642, reflecting a 2.4% increase. Interestingly, Ethereum’s price movement appears to closely follow Bitcoin’s trends, with similar periods of growth and decline, rather than charting a unique course in response to these large-scale transactions.
Whether these large dormant whales will trigger significant market impacts remains to be seen, but investors are well-advised to stay informed and cautious amid these developments.
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 into Kraken. Another wallet moved 5,000 ETH ($12.9M) to FalconX. Despite this, ETH is up 2.4%.){kind=link}