Kraken Sees a Massive Transfer of 39,260 ETH - What's Behind It?
Date: 2023-12-05 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
In a surprising turn of events, an Ethereum whale has resurfaced after a five-year hiatus, making a substantial move by transferring 39,260 ETH to the Kraken exchange. This transfer, if sold at the current price of $2,200 per ETH, could yield over $86 million in profit.
Back in 2017, a single transaction sent 47,260 ETH to this same address, with an average purchase price of $240 per ETH, as reported by the analytical platform Lookonchain. The return of this early ETH whale has attracted attention in the crypto world, as it deposited a considerable sum to Kraken just 30 minutes ago. The potential profit from selling these ETH tokens is estimated at around $78 million.
According to information from the analytical platform Arkham, the address in question may belong to Cumberland, a market maker in the cryptocurrency sphere. Typically, transferring funds to an exchange indicates that the owner intends to sell their cryptocurrency holdings or convert them into other assets.
This recent transaction mirrors an incident in October when an ICO participant from Ethereum transferred 2,000 ETH to four different addresses after eight years of inactivity. These intriguing developments continue to keep the cryptocurrency community on its toes, speculating about the intentions of these long-dormant wallets.
