Summary
- An Ethereum (ETH) whale tracked for five years has deposited all of its holdings to Kraken exchange.
- The deposit totaled 10,176 ETH, corresponding to approximately $28.69 million.
- The market interprets such exchange deposits as a signal of short-term selling pressure.
An Ethereum (ETH) whale address that has been tracked for five years appears to have moved all of its holdings to an exchange.
On the 2nd (local time), according to OnChainLens, the whale deposited a total of 10,176 ETH (approximately $28.69 million) to the Kraken exchange that day.
The whale has a record of withdrawing about 21,086 ETH for $7.35 million five years ago, and it is analyzed to have slowly moved its holdings to exchanges over several years in multiple transactions.
Exchange deposits are typically interpreted as a sell signal, and the market is paying attention to the possibility of short-term selling pressure resulting from this large deposit.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.![[Market] Bitcoin falls below $82,000...$320 million liquidated over the past hour](https://media.bloomingbit.io/PROD/news/93660260-0bc7-402a-bf2a-b4a42b9388aa.webp?w=250)
