A Wake-Up Call: Ethereum Whale Moves $87.5 Million to Crypto Exchange
A dormant Ethereum whale has recently resurfaced, making a significant move by transferring 39,260 ETH worth approximately $87.5 million to the crypto exchange Kraken. This whale, which had remained inactive for five years, seems to have decided to take profit on its substantial gains. The recent surge in the crypto market, including Ethereum’s 11% increase in the past week, might have motivated this move.
Trend of ETH Profit Taking Increasing?
This massive transfer of funds has raised speculations within the crypto community about a growing trend of large ETH holders cashing out their holdings. Similar cases of major wallets moving their ETH to exchanges have been observed recently. For example, defunct exchanges FTX and Celsius were seen depositing millions of dollars’ worth of ETH on Coinbase and address “0xc450,” respectively. Galaxy Digital also followed suit by depositing ETH on Binance.
Hot Take: Ethereum Whales Cashing Out Amidst Market Surge
The recent movements of large amounts of ETH by dormant whales to various exchanges suggest that these investors are taking advantage of the current market surge to secure profits. With Ethereum’s price gains and the extreme greed sentiment in the crypto market, it is not surprising to see whales cashing out after years of holding their assets. This trend could continue as long as market conditions remain favorable for profit-taking.
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