Massive Ancient Ethereum Whale Makes Waves with Over 12,000 ETH Holdings
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A long-dormant Ethereum “whale” has resurfaced, depositing a significant amount of ETH to the Kraken exchange, sparking speculation about a potential price drop. The investor, who participated in Ethereum’s ICO in 2014, deposited 1,069 ETH, valued at roughly $3.56 million. While deposits to exchanges are typically seen as a sign of intent to sell, wider market trends suggest a more complex picture. On-chain data reveals a broader trend of significant outflows of ETH from cryptocurrency exchanges, totaling $4 billion, suggesting that many investors are accumulating ETH, potentially anticipating future price increases. The news comes after Ethereum’s successful Dencun upgrade, implemented in March 2024, which aimed to address the network’s scalability issues. The combined effect of the whale’s sale, the wider accumulation trend, and the Dencun upgrade’s impact on network activity make it difficult to predict the short-term direction of the Ethereum market. While the whale’s sale could trigger a price dip, the broader accumulation trend suggests underlying bullish sentiment.$ETH
