- A dormant Ethereum whale recently moved 15,000 ETH to Kraken, adding selling pressure.
- The State of Michigan Retirement System invested $11M in Grayscale’s Ethereum ETF.
A long-dormant Ethereum whale has transferred 15,000 ETH, or around $39.38 million, to the Kraken exchange. Beginning on September 22, 2024, this change tracks a sequence of significant sales by the same whale.
This early Ethereum participant has sold 65,000 ETH overall since then, or roughly $164 million in value. With 10,000 ETH still in this wallet right now, the crypto community is debating and waiting for its future actions.
以太�?ICO 15 万枚 $ETH 的远古巨鲸疑似抛�?15000 �?ETH，价�?3938 万美金�?2024.9.22 以来已累计出�?6.5 万枚 ETH，约 1.64 亿美�?/p>
20 分钟前，远古巨鲸的又一持币地址�?#Kraken 充值了 15000 ETH；该巨鲸目前仍持�?1 万枚 ETH（约 2621 万美金）
钱包地址 https://t.co/AWzuEZck65 https://t.co/weEHmcJtPR pic.twitter.com/r9VuOnLpPr
— Ai �?(@ai_9684xtpa) November 6, 2024
Ethereum Whale’s Strategic Moves Signal Possible Market Impact
From this seasoned investor, the strategic timing and size of these investments reveal great confidence. But a such large move to a well-known exchange like Kraken usually indicates possible selling intentions, which can affect the market.
The wider consequences of this whale activity are yet to completely show. Many times, a high-volume ETH holder starting liquidating assets at this level begs underlying questions.
Particularly at times of market highs or when further price changes are expected, crypto whales are not unusual in rebalancing or reallocating their holdings. These sales give exchanges liquidity, which can set short-term prices.
Fascinatingly, this wave of selling activity by the Ethereum whale coincides with institutional Ethereum interest growing in the American financial space.
Revealing a $11 million holding in Grayscale’s Ethereum Trust, CNF has reported that the State of Michigan Retirement System made news as the first U.S. state pension system to invest in an Ethereum exchange-traded fund (ETF).
This notable flood of institutional capital points to more hope for the long run of the asset. Historically, the entrance of bigger financial companies into the market brings stability and can generate upward pressure on the price of the asset because of their reputation for dependability and value development.
Meanwhile, ETH is trading at about $2,821.41 at the time of writing, up 8.04% over the last 24 hours. Apart from this price explosion, trading volume has surged by 36% to reach $39.01 billion.
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