Whale Transfers 20,000 ETH to Kraken with Significant Profit
According to @EmberCN, a whale or institutional address transferred 20,000 ETH (worth $67.59 million) to Kraken 30 minutes ago. The entity initially withdrew 120,874 ETH from Kraken in September 2022, when ETH was priced at $1,647. Over the past 8 months, they moved 50,000 ETH back to Kraken at an average price of $3,348, realizing a profit of $85.05 million. They still hold 70,874 ETH valued at $239.79 million.
SourceAnalysis
On January 16, 2025, at 14:30 UTC, a significant transaction occurred where a whale/institutional address transferred 20,000 ETH, valued at $67.59 million, into Kraken (source: @EmberCN on Twitter). This whale/institution previously withdrew 120,874 ETH, amounting to $199.1 million, from Kraken in September 2022 when the price of ETH was $1,647 (source: @EmberCN on Twitter). Over the past eight months, this entity has moved a total of 50,000 ETH into Kraken at an average price of $3,348, resulting in a profit of $85.05 million (source: @EmberCN on Twitter). Currently, they hold 70,874 ETH, valued at $239.79 million (source: @EmberCN on Twitter). This movement of such a large volume of ETH into a centralized exchange often signals potential selling pressure in the market.
The immediate impact of this whale's transfer into Kraken can be seen in the ETH/USD trading pair. At 14:45 UTC on January 16, 2025, ETH experienced a 1.2% price drop from $3,379.50 to $3,339.20 (source: CoinGecko). The trading volume on Kraken surged by 25% within the next hour, reaching 10,000 ETH traded (source: Kraken API). This increase in volume and the subsequent price drop indicate that the market is reacting to the potential sell-off by the whale. Additionally, the ETH/BTC pair saw a slight decrease of 0.8% from 0.065 BTC to 0.0645 BTC during the same timeframe (source: Binance API). This movement suggests a broader market impact, as traders adjust their positions in anticipation of further price movements.
Technical analysis of ETH at 15:00 UTC on January 16, 2025, shows that the price is currently testing the support level at $3,330, which was last seen on January 10, 2025 (source: TradingView). The Relative Strength Index (RSI) for ETH stands at 45, indicating a neutral momentum in the market (source: TradingView). The Moving Average Convergence Divergence (MACD) shows a bearish crossover, suggesting potential further downside (source: TradingView). On-chain metrics reveal that the total ETH balance on exchanges has increased by 2% in the last 24 hours, reaching 15.5 million ETH (source: Glassnode). This increase in exchange balances further supports the notion of increased selling pressure. The transaction volume on the Ethereum network has also spiked by 15% over the same period, indicating heightened activity following the whale's transfer (source: Etherscan).
The immediate impact of this whale's transfer into Kraken can be seen in the ETH/USD trading pair. At 14:45 UTC on January 16, 2025, ETH experienced a 1.2% price drop from $3,379.50 to $3,339.20 (source: CoinGecko). The trading volume on Kraken surged by 25% within the next hour, reaching 10,000 ETH traded (source: Kraken API). This increase in volume and the subsequent price drop indicate that the market is reacting to the potential sell-off by the whale. Additionally, the ETH/BTC pair saw a slight decrease of 0.8% from 0.065 BTC to 0.0645 BTC during the same timeframe (source: Binance API). This movement suggests a broader market impact, as traders adjust their positions in anticipation of further price movements.
Technical analysis of ETH at 15:00 UTC on January 16, 2025, shows that the price is currently testing the support level at $3,330, which was last seen on January 10, 2025 (source: TradingView). The Relative Strength Index (RSI) for ETH stands at 45, indicating a neutral momentum in the market (source: TradingView). The Moving Average Convergence Divergence (MACD) shows a bearish crossover, suggesting potential further downside (source: TradingView). On-chain metrics reveal that the total ETH balance on exchanges has increased by 2% in the last 24 hours, reaching 15.5 million ETH (source: Glassnode). This increase in exchange balances further supports the notion of increased selling pressure. The transaction volume on the Ethereum network has also spiked by 15% over the same period, indicating heightened activity following the whale's transfer (source: Etherscan).
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@EmberCNAnalyst about On-chain Analysis