Massive Ancient Ethereum Whale Makes Waves with Over 12,000 ETH Holdings

✳️✳️✳️✳️✳️✳️

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