Ethereum
$40 Million Ethereum Mystery Stuns Major US Exchange
U.Today – This afternoon, a large unknown entity transferred 12,000 ETH worth approximately $40 million to a major US-based exchange, Kraken.
According to on-chain data from Arkham Intelligence, the anonymous whale, as large investors in the crypto space are often called, had previously deposited the same amount from the address “0x370.” The latter is believed to be a sender address with links to many other addresses, including Kraken’s hot wallet.
The whale has now deposited this amount into Kraken. Whether it is preparing to sell it or not remains an open question. Such transfers are often considered a bearish event – when a large entity deposits a large amount of coins onto an exchange in order to sell them.
While that may not be the case here, it could sour sentiment or even prompt smaller players to dump their ETH holdings in order to hedge their bets.
Ethereum: price and ETF
Amidst this activity, the crypto community is eagerly awaiting news of Ethereum ETF approvals, expected this week.
Despite expectations that July 4 will mark a crucial deadline, no announcement has yet been made that could have influenced the whale’s decision to move its assets.
Currently, Ethereum price is moving higher, up 3.4% to $3,357 per ETH. However, strong resistance remains above this level, making it difficult to continue the upward move. The recent price rally of over 10.5% in the past week may have created an opportune moment for whales to sell, especially as we approach this critical price point.