Big Whale Suddenly Transfers All 61,216 ETH To Kraken After 8 Years Of Hibernation

Key Points:

• All 61,216 ETH worth $116.3 million was moved by a whale wallet.
• After eight years of immobility, the wallet suddenly transferred all ETH to the Kraken exchange, causing the community to panic about a possible big sell-off.
• According to speculation from the community, this is likely a wallet related to a member of the Ethereum Foundation or an early investor in the project.

On the morning of July 19, many crypto investors on Twitter were bewildered because the movement of an Ethereum whale wallet containing 61,216 ETH (worth $116.3 million) had resumed after eight years of sleep.

Concerns about the ETH mentioned above wallet increased when it immediately transferred all assets to the Kraken exchange, as noted by Etherescan.

Currently, the true purpose of this ETH whale has yet to be discovered. Many people quickly came to the conclusion that $120 million of ETH is about to hit the market.

In particular, this is a pre-mine wallet, meaning that this wallet received ETH before the ICO event of Ethereum in 2015. Therefore, there has been a lot of speculation about the owner of this wallet. It could belong to one of the founders of Ethereum, a private investor or a particular core member of the Ethereum Foundation.

There is also speculation that the owner of the wallet may have known in advance that news could be detrimental to Ethereum in the near future and decided to sell off the asset to hedge risks.

This argument is with foundation, when global authorities, especially the US, in 2023 continuously targeted many large cryptocurrency projects such as Binance and Coinbase. Besides, the disadvantage can be towards the second largest cryptocurrency in the Ethereum market since it switched to using the Proof-of-Stake (PoS) algorithm. The SEC chairman also made a statement that did not rule out the possibility that ETH is a security.

Others say the person behind the wallet may want to send ETH to Kraken to participate in staking. With the above amount of 61,000 ETH, staking can receive up to $ 3.5 million in staking interest per year, equivalent to $ 10,000/day.

The price of ETH is still in the safe zone, and there is no particular volatility. It is currently trading at $1,906.86, down 0.4% over the past 24 hours.

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