Ethereum Whale Signed a $60 Million Movement.

An Ethereum whale woke up from its slumber. It moved over 7 thousand Ethereum. This move did not go unnoticed in the market. An Ethereum ICO whale woke up to shift 7000 coins to crypto exchange Kraken amid massive outflows in ETH.

Despite significant upward momentum received by #Ethereum today, July 1, an #ICO whale moved a significant amount of its assets to a centralized exchange. According to data by CoinShares, 7,000 cryptocurrencies have been registered to be dumped amid Ethereum's $60 million weekly outflows.

Ethereum recorded the biggest outflows since August 2022.  ETH has raised serious concerns among market investors. So, look at the digital asset's current market statistics and why it has sparked bearish market sentiment.

According to data from on-chain tracker EmberCN, #Ethereum whale 0x2Eb08 moved 7000 ETH worth $24.28 million to Kraken, an American crypto exchange. This process comes after 209 days of awakening. Additionally, the whale currently holds just over 40K $ETH worth $138.76 million.

Simultaneously, a report by CoinShares highlighted that the transaction emerged amid weekly $60.7 million outflows in Ethereum. Combined with last week's performance, outflows totaled $119 million, positioning the asset as the worst performer in terms of net flows to date. Year-to-date outflows totaled $25 million.

Collectively, these statistics have raised serious concerns among investors, questioning the asset's capacity for future gains despite its solid positioning as the second-largest crypto by market cap at $415.98 billion.