Dormant Whale Awakens After 5 Years
A dormant ether wallet, classified as a “whale” due to its large holdings, has transferred approximately $90 million worth of ETH to the cryptocurrency exchange Kraken after five years. The wallet, initially receiving 47,260 ether in 2017, valued at over $11 million, was detected by on-chain analytics tool Lookonchain. Analysis from Arkham Intelligence reveals that past transactions from this address were not linked to any major exchanges.
However, one transaction may have connections to an address associated with Cumberland, a prominent trading firm. The large volume of ETH transfer to Kraken suggests potential scenarios, such as the holder exchanging ETH for stablecoins or pivoting to other cryptocurrencies. This move has attracted attention within the cryptocurrency community and underscores the influence of major players in the digital asset markets.
(With inputs from Shikha Singh)
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