Ethereum Price Drops 2.7% Following $19.3M Whale Transfer to Kraken

The price of Ethereum fell 2.7% following a $19.3 million transfer to Kraken.

This transfer signals possible selling activity by long-term Ethereum holders.

Recent whale movements have caused fluctuations in the Ethereum market.

Ethereum's recent decline has sparked market buzz as major players make significant moves.

Whale movements and market fluctuations

According to the latest data from Spotonchain, one of Ethereum's early whales moved 5.5K ETH (approximately $19.3 million) worth of Ethereum to the Kraken exchange. This move coincided with a significant drop in Ethereum's price.

This particular whale purchased 150K ETH for as low as $0.31 during Ethereum's ICO period. In recent days, this whale transferred a total of 10K ETH (approximately $35.4 million) worth of Ethereum to the Kraken exchange. Despite these movements, the whale still holds approximately 139K ETH (approximately $469 million) in three wallets.

Transfers from such a significant owner often imply intent to sell, and these moves can affect market prices through increased supply.

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