An Ethereum whale has woken up from its slumber. It moved more than 7 thousand Ethereum. The move has not gone unnoticed in the market. An Ethereum ICO whale has woken up to transfer 7000 coins to cryptocurrency exchange Kraken amid massive ETH capital outflows.

Despite the significant upward momentum that #Ethereum received today, July 1, a whale #ICO moved a significant amount of its assets to a centralized exchange. According to CoinShares data, 7,000 cryptocurrencies have been registered for dumping amid Ethereum's $60 million weekly capital outflow.

Ethereum records largest outflow since August 2022. ETH has caused serious concerns among investors in the market. So let's take a look at the digital asset's current market statistics and why it is causing a bearish market sentiment.

According to data from on-chain tracker EmberCN, #Ethereum whale 0x2Eb08 transferred 7000 ETH worth $24.28 million to Kraken, an American cryptocurrency exchange. This process takes place after 209 days of awakening. Additionally, whales currently hold just over 40K $ETH worth $138.76 million.

At the same time, a CoinShares report highlighted that the transaction comes amid weekly Ethereum outflows worth $60.7 million. Combined with last week's performance, outflows totaled $119 million, making the asset the worst-performing asset in terms of net outflows to date. Capital outflows since the beginning of the year have totaled 25 million USD.

Collectively, these statistics have caused serious concern among investors, calling into question the asset's future profitability despite its strong position as a powerhouse. second largest by market capitalization at $415.98 billion.