The cryptocurrency market just witnessed a notable move when an Ether (ETH) whale from #ICO unexpectedly transferred 7,000 ETH to Kraken, as ETH price hit its lowest since October 2023. This event raised concerns about price volatility, as large flows of money into exchanges often signal selling pressure or preparation for derivative trading.


ICO whales move after 5 months of silence


According to data from Spot On Chain, this whale had held ETH since the initial ICO and suddenly woke up after 5 months of inactivity. The amount of ETH worth about $13.8 million was sent to Kraken amid a market under strong downward pressure.


ETH price drops to its lowest level in months


The transfer occurred when the price $ETH dropped to $1,760, the lowest since October 2023, before recovering to around $1,900. This price drop coincided with instability in the financial markets due to concerns about the U.S. economic recession.


Impact on the market: Selling pressure and price volatility


Typically, when whales transfer large amounts of money to exchanges, there are two main possibilities:



  1. Asset liquidation – A large investor may be preparing to sell a large amount of ETH, causing downward pressure.


  2. Used as collateral in derivative trading – ETH may be used as collateral for leveraged trades, posing the risk of greater volatility.



It is unclear whether this whale has sold all of its ETH, but this event could significantly impact market sentiment.


The whale still holds over $50 million in ETH


Notably, the whale still holds 30,070 ETH, equivalent to over $50 million at the current time. This indicates potential for similar moves in the future, continuing to affect ETH price trends.


Summary



  • Ether whales from the ICO era transfer 7,000 ETH ($13.8 million) to Kraken after 5 months of silence.


  • The event occurred when the ETH price dropped to its lowest since October 2023.


  • Large inflows into exchanges may signal selling pressure or significant price volatility due to derivative trading.


  • The whale still holds over $50 million in ETH, which may continue to impact the market in the near future.



Investors need to closely monitor the next developments, especially large transfers from whales, as they may signal the upcoming price trend of ETH. #anhbacong