Will the Ethereum ICO Investor Transfer $9.96 Million Worth of ETH to Kraken for Selling?

Will the Ethereum ICO Investor Transfer $9.96 Million Worth of ETH to Kraken for Selling?


Ethereum (ETH) Whale Moves $9.96 Million to Kraken

An Ethereum (ETH) participant in the initial coin offering (ICO) and a long-time supporter of the smart contract platform has transferred 6,000 Ethereum (ETH) worth $9.96 Million to the digital currency exchange Kraken, according to recent data from Lookonchain on September 18.

Whale Transfers and Market Impact

The anonymous nature of public blockchains like Ethereum (ETH) makes it difficult to determine the identity of the owner. Nonetheless, when whales transfer their holdings to cryptocurrency exchanges, it is traditionally seen as a bearish sign as it provides an easier way for them to sell their tokens and cash out. These large holders have the  capacity to influence market prices due to the sheer size of their holdings, leading to increased volatility. Therefore, the recent deposit to Kraken may indicate that the whale plans to sell and take profits.

Possible Staking Strategy

On the other hand, it is likewise possible that the whale is moving their coins through Kraken as an intermediary before transferring them to other platforms like Rocket Pool or Lido Finance for staking. Under Ethereum’s proof-of-stake consensus algorithm, whales can earn annual staking bonus by locking at least 32 Ethereum (ETH). Although while they can establish their own nodes for staking, liquidity staking providers like Rocket Pool offer infrastructure for users to stake coins and earn rewards.

READ NOW
Bitwise to Launch Ethereum ETF on October 2

Ethereum (ETH) Prices Recovering

The transfer on September 18 coincides with a broader recovery in the cryptocurrency market. Ethereum (ETH) prices have increased by approximately 6% from their September lows. This positive movement has helped reverse some of the losses from September 11 and could potentially lead to further growth in the coming days. Bulls are optimistic that Ethereum (ETH) could surpass $1,750, the August 29 highs, and recover from the sharp losses recorded on August 17.

READ NOW
Managing Retirement Accounts for Gen Z Workers: Strategies for Dealing with Frequent Job Changes

Technical Analysis and Support Levels

Regardless of the recent recovery, Ethereum (ETH) is still below pressure, having dropped 23% from its 2023 highs. Nonetheless, buyers have an opportunity to push the price up as long as they can prevent lower lows. The September and August 2023 lows are critical support levels for Ethereum (ETH), with the retest of the August 17 lows on September 11 causing concern for optimistic traders.

READ NOW
SEC Discovers Alleged Scheme by Do Kwon to Falsify Terra Transactions

Hot Take: Ethereum (ETH) Whale Moves $9.96 Million to Kraken Amid Market Recovery

An anonymous Ethereum (ETH) whale has recently transferred $9.96 Million worth of Ethereum (ETH) to the digital currency exchange Kraken. This move may be seen as bearish since it provides an easier way for the whale to sell their tokens and cash out. Nonetheless, it is likewise possible that the whale is preparing to stake their coins through other platforms. In the meantime, Ethereum (ETH) prices are recovering and supporters are optimistic about future growth. Regardless of recent losses, buyers have an opportunity to drive up the price if they can maintain support levels. Overall, this transfer outlines the influence of whales in the cryptocurrency market and their probable impact on prices.

READ NOW
Revolutionary Web3 Gaming Summit 2023 Sets New Heights with a Perfect Conclusion
Author – Contributor at | Website

Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding.

READ NOW
Understanding Crypto Synthetic Assets: A Comprehensive Guide
Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.




Follow us

Latest Crypto News

Share via
Share via
Send this to a friend