Ethereum ICO Whale Moves $13.8M in ETH to Kraken as Market Dips

A long-dormant Ethereum (ETH) whale, holding coins since the blockchain’s initial coin offering (ICO), transferred 7,000 ETH—worth approximately $13.8 million—to the crypto exchange Kraken on Monday, according to blockchain analytics firm Spot On Chain.

The move came as ETH’s price plunged to $1,760, its lowest level since October 2023, amid heightened concerns over a U.S. recession. The token later rebounded to around $1,900, but the whale’s transaction has sparked speculation about potential selling pressure.

Whale Activity Signals Possible Volatility

Large transfers to exchanges are often interpreted as a sign of liquidation or the use of assets as collateral in derivatives markets, both of which can lead to increased volatility. If the whale intends to sell a portion of its holdings, it could add downward pressure on ETH’s price.

Despite this transfer, the whale still retains 30,070 ETH, valued at over $50 million. Market participants will be closely monitoring on-chain data to see if further movements follow in the coming days.