An Ethereum whale, specifically “0x682” has made a transfer of a large amount of ETH to the Kraken exchange, causing concern among the community. As per analytical platform Spot On Chain, this whale moved 15,000 ETH, which is worth around $38.4 million, just eight hours back. This whale has previously dumped the prices after making large Ethereum deposits and traders are now preparing for a possible fall.
This is not the first time that the activity of whales has shaken the market and caused its fluctuations. Before this, “0x682” made large ETH deposits to Kraken just before Ethereum’s price dropped considerably.
On July 25th, the whale sent 10,000 ETH which is equivalent to $34.2 million just a few minutes prior to ETH value drop of 7.6%. Likewise, on the 20th of August, the whale moved 15,000 ETH worth $39.7 million and within the next hour, the Ethereum value dropped by 2.5%.
The pattern has not gone unnoticed by market analysts who are now predicting another price cut may be around the corner. ETH is currently around $2,604.09 and traders are observing the situation closely to see if history will indeed repeat itself.
Ethereum Whale’s $69.7M Holdings
Still, the whale has 26,639 ETH in its wallet, which is equal to $69.7 million at the current rate. As indicated by Spot On Chain, the whale made a whooping $132 million in profit out of the investments, this is a 86% gain. The level of market influence and achievement that the whale has garnered has rendered the Ethereum community keen to his every move as they raise their eyebrows every time the whale makes a move.
Whale activity, specifically in scenarios such as “0x682,” may negatively impact the entire crypto space. Mass deposits to exchanges are usually a sign of selling, which puts pressure on an asset’s price. Some of the traders are already in the process of preparing for the possibility of the same kind of reaction to this latest transfer.
Since whale activity has previously led to the downtrend, Ethereum may be subject to another dip in the near future. But as with any cryptocurrency, there are those who are more hopeful, waiting for the price to at least not fall, but rise after the whale’s deposit.
As traders and analysts look for the market to make its next move, all attention is on Ethereum’s price in the coming days. Whether or not the whale will cause another dip, as has been done in the past, is still unknown. The volatility of Ethereum has become the main topic of discussion in the market.