Mar 11, 2025

ETH Whale Moves $13.8 Million to Kraken as Market Declines

An early Ethereum investor made waves in the crypto market Monday, transferring $13.8 million worth of ETH to the Kraken exchange amid a sharp decline in digital asset prices. The move, executed by a so-called “ICO whale,” coincided with Ethereum’s price falling to its lowest level since October 2023, raising concerns over potential market volatility.

Blockchain analytics platform Spot On Chain reported that an Ethereum ICO whale, who has held ETH since the network’s initial coin offering, moved 7,000 ETH to Kraken. This was the whale’s first significant transaction in five months, marked by relative inactivity. The timing of the deposit coincided with Ethereum’s price dropping to $1,760 before slightly recovering to $1,900.

Large cryptocurrency inflows into exchanges are often seen as a precursor to potential sell-offs or leveraged trading activity, which can contribute to heightened price fluctuations. The whale still holds 30,070 ETH, valued at over $50 million, leaving questions about further potential liquidations.

Source: Spot on Chain X account

Ethereum Outflows and Market Sentiment

Despite this significant deposit, Ethereum has also seen a contrasting trend of large withdrawals from exchanges. According to on-chain analytics firm IntoTheBlock, ETH outflows from trading platforms reached $1.8 billion last week, marking the largest weekly withdrawal since December 2022.

Such movements typically signal that investors opt to store their holdings in private wallets rather than preparing to sell, indicating confidence in Ethereum’s long-term value.

IntoTheBlock noted that while market sentiment remains bearish, the sustained outflows suggest many investors view current price levels as an opportunity to accumulate ETH rather than exit their positions. Ethereum’s price, however, remained under pressure, dropping 10% over the past week.

The ETH whale’s transaction occurred against broader crypto market turmoil. Monday’s trading session opened with widespread sell-offs across major digital assets, following last week’s executive order to establish a U.S. strategic Bitcoin reserve and a broader digital asset stockpile. The move disappointed some investors, who anticipated a more favorable regulatory stance.

According to CoinGlass data, roughly $647 million in leveraged positions were liquidated across the crypto market in the last 24 hours. Of these, $490 million were long positions—traders betting on rising prices—while $155 million in short positions were also closed. The liquidations contributed to further volatility in Ethereum, Bitcoin, and other major cryptocurrencies.

As Ethereum struggles under selling pressure, some analysts believe a technical breakout could be on the horizon. Crypto analyst Ali observed that ETH is consolidating within a descending triangle pattern. Ethereum could see an 18% price movement in either direction if the pattern resolves with a breakout.

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