Dormant ETH Holder Awakens, Deposits $13M Worth of Ether to Kraken

Long-Dormant Ethereum Whale Sends $13.8M in ETH to Kraken Amid Market Turbulence

An Ethereum (ETH) whale, inactive since the token’s initial coin offering (ICO), made a significant move on Monday by transferring 7,000 ETH—worth approximately $13.8 million—to crypto exchange Kraken, according to blockchain tracking platform Spot On Chain.

The transaction coincided with a broader market downturn, as ETH briefly plunged to $1,760—its lowest price since October 2023—before recovering to around $1,900. The decline was fueled by investor concerns over a potential U.S. recession, which sent shockwaves through both traditional and crypto markets.

Large Exchange Deposits and Market Volatility

Significant token inflows to exchanges are often viewed as a precursor to selling or leveraged trading, both of which can increase price volatility. Large holders moving funds may signal upcoming liquidations or strategic positioning in derivatives markets.

Despite this latest transaction, the whale still holds 30,070 ETH, currently valued at over $50 million. If further movements occur, they could influence ETH price action in the coming days. Traders will be watching closely for any additional transfers.