A dormant ETH whale just moved $578K to Kraken after two years, triggering renewed concerns around exchange-side pressure.
Ethereum’s Binance supply ratio soared from 0.032 to 0.040, tracking closely with the recent $1.8K to $4K price spike.
Elevated ETH exchange inflows and resurfacing whale wallets confirm a sharp shift toward short-term positioning and liquidity moves.
A dormant Ethereum wallet labeled "ETH Millionaire" has reemerged with major on-chain activity after two years of silence. Meanwhile, Ethereum's exchange supply ratio on Binance is rising sharply, fueling debate over short-term market implications.
Dormant Whale Resurfaces With $578K Ethereum Transfer
In a post by Cryptogoos, an address tagged as "ETH Millionaire" sent 238 ETH worth $578.72K to Kraken 10 hours ago. The wallet had remained inactive for two years prior to this move, reigniting discussions around dormant whale behavior.
Historical transfers from this address show repeated large outflows to Kraken, including 125.6 ETH and 126.8 ETH. Combined, these transactions exceeded $500K, further confirming the address's tendency to exit into exchanges.
Additional transfers include 149 ETH to a high-balance address and 100 ETH to another wallet, both executed two years ago. The original funding of this wallet came from a reseller test address a decade ago with 1.9 ETH, now worth $1.25K.
Ethereum Exchange Ratio Rises Sharply on Binance
Ethereum's exchange supply ratio on Binance has climbed significantly from early May through July, marking a clear upward trajectory. According to another report by CryptoGoos, the ratio surged from 0.032 to over 0.040, reflecting strong inflows.
https://twitter.com/crypto_goos/status/1941818911319552012
The report further noted a parallel surge in Ethereum's price, which spiked from $1.8K to almost $4K before settling near $3.5K. These synchronized moves began after a two-month consolidation phase ending in April.
This breakout zone, marked in red, captured the vertical rise in both price and exchange ratio. The data points to renewed inflow-driven buying pressure, likely tied to increased trading activity or profit-taking strategies.
On-Chain Behavior Signals Aggressive Market Positioning
The correlation between the rising exchange ratio and Ethereum’s recent price breakout highlights stronger exchange-driven participation. While accumulation had dominated the earlier part of the year, May initiated a clear shift in behavior.
Binance now shows sustained elevated ETH supply, often interpreted as traders preparing for near-term exits or increased leverage exposure. Though price has cooled from recent highs, exchange ratios remain sticky, signaling persistent short-term positioning.
The ETH Millionaire wallet’s sudden activity adds another layer to Ethereum’s short-term outlook. The resurfacing whale behavior aligns with market-wide liquidity rotation into exchanges, further confirming aggressive positioning across major addresses.
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