Dormant Ether Whale Transfers $13 million ETH to Kraken

According to the chain’s Blockchain Thruce Spot, the whale, which has held tokens since its first coin product (ICO), caused waves on Monday.

The whales deposited 7,000 ETH, worth $13.8 million in Kraken at press time as token prices plummeted along with the wider markets on the fear of the US recession. The ether reached $1,760, the lowest since October 2023, and last changed hands at $1,900.

The large inflows to the exchange are said to represent the intent of investors to liquidate assets or develop the same as derivative transactions. This often breeds price volatility.

Etheric ICO whales still carry 30,070 ETH, more than $50 million.