Ethereum
$40 Million Ethereum Mystery Stuns Major US Exchange
Gamza Khanzadaev
Massive $40M Ethereum Transfer Sparks Speculation of Colossal Selloff on Kraken
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This afternoon, a large unknown entity transferred 12,000 ETH worth approximately $40 million to a major US-based exchange, Kraken.
According to on-chain data from Arkham IntelligenceThe anonymous whale, as large investors in the crypto space are often called, had previously deposited the same amount from the address “0x370.” The latter is believed to be a sender address with links to many other addresses, including Kraken’s hot wallet.
The whale has now deposited this amount of Ethereum on Kraken. Whether it is preparing to sell it or not remains an open question. Such transfers are often considered a bearish event – when a large entity deposits a large amount of coins on an exchange in order to sell them.
Source: Arkham Intelligence
While that may not be the case here, it could sour sentiment or even prompt smaller players to dump their assets. ETH assets to cover their bets.
Ethereum: price and ETF
Amidst this activity, the crypto community is eagerly awaiting news from Ethereum ETF approvals, expected this week.
Despite expectations that July 4 will mark a crucial deadline, no announcement has yet been made that could have influenced the whale’s decision to move its assets.
ETH to USD by CoinMarketCap
Currently, Ethereum price is moving higher, up 3.4% to $3,357 per ETH. However, strong resistance remains above this level, making it difficult to continue the upward move. The recent price rally of over 10.5% last week may have created an opportune moment for the whale to sell, especially since Ethereum is approaching this critical price.
About the Author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza holds a degree in Finance and Credit with a specialization in Securities and Financial Derivatives. He also completed a Master’s program in Banking and Asset Management.
He wants to participate in covering economic and fintech topics, as well as raising awareness among more people about cryptocurrencies and blockchain.