As a seasoned cryptocurrency analyst with over a decade of experience in the industry, I have witnessed countless instances of large transactions that have swayed market sentiment and affected the prices of digital assets. Today’s news of an anonymous whale transferring 12,000 ETH ($40 million) to Kraken, a major U.S.-based exchange, is one such event that has piqued my interest.
Around $40 million in Ethereum (worth 12,000 ETH) was recently transferred to the prominent US exchange, Kraken, by an unidentified large entity.
Based on the data I’ve analyzed from Arkham Intelligence, I discovered that an anonymous large investor, commonly known as a whale in the crypto community, had transferred an identical amount from the address “0x370” in the past. Notably, this sender address is associated with numerous other addresses, one of which belongs to Kraken’s hot wallet.
The whale has returned this Ethereum quantity to Kraken, raising the query of whether they plan to dispose of it. This action is typically viewed as a potential bearish signal when a significant player deposits a substantial amount of coins to an exchange for selling purposes.
If the current situation doesn’t apply, it might lead to negative feelings and cause lesser investors to sell their ETH to protect their investments.
Ethereum: Price and ETF
In the midst of ongoing crypto market buzz, there’s great anticipation within the Ethereum community for announcements regarding potential Ethereum Exchange-Traded Fund (ETF) approvals, expected to surface this week.
Although it was anticipated that a significant event would unfold by July 4th, no such declaration has been issued thus far. This lack of clarity could have factored into the whales’ decision-making process regarding their financial transactions.
At present, Ethereum‘s cost is climbing, reaching $3,357 per ETH, which represents a 3.4% increase. Yet, formidable resistance persists above this mark, potentially obstructing further growth. The impressive gain of more than 10.5% in the previous week might have presented an attractive selling opportunity for large investors, as Ethereum nears this significant price threshold.
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2024-07-15 18:40