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- Diamond-hand whale transferred 15,000 ETH to Kraken, hinting at potential market shifts.
- The whale recent transfers often precede Ethereum price drops, drawing market attention.
The Ethereum market has recently experienced unusual activity, with a SpotOnChain-tracked Ethereum whale making significant moves that have attracted a lot of attention. The diamond-hand whale’s address, 0x682, has just deposited another 15,000 ETH to Kraken, totaling over $39.7 million.
This adds to the recent transfer of 25,000 ETH, worth approximately $73.9 million, that occurred during the past month.
The diamond-hand whale “0x682” deposited 15,000 $ETH ($38.4M) to #Kraken again 8 hours ago!
Notably, in the last 2 deposits, the whale unloaded $ETH right before the price dropped sharply, including:
• 10K $ETH ($34.2M) on Jul 25, before a 7.6% price drop,
• 15K $ETH ($39.7M)… https://t.co/VZglPwpAFd pic.twitter.com/cUNkwvL9VZ— Spot On Chain (@spotonchain) September 22, 2024
Whale ETH Moves: Predicting Ethereum’s Next Price Dip?
This address has a history of moving huge amounts of Ethereum immediately before price drops, making these transactions critical for market watchers. For example, on July 25, the whale sold 10,000 ETH, triggering a 7.6% price decrease, and another 15,000 ETH on August 20, resulting in a 2.5% loss in Ethereum’s value.
The whale currently owns 26,639 ETH, valued at around $69.7 million, and has made a profit of around $132 million, representing an 86% return on investment. This pattern shows that Ethereum’s price may be influenced, raising concern that another dip is on the horizon.
Meanwhile, Ether is currently trading at $2,664.86, up 2.59% over the last 24 hours. The trade volume increased by 50%, hitting $16.06 billion. This increase in trading activity implies that there is more interest in Ether, despite the fact that the whale’s moves add to market volatility.
However, Ethereum is facing issues in the larger market setting. According to CNF, the ETH/BTC ratio has reached a 40-month low, indicating Bitcoin’s growing dominance among investors.
This move underscores the increased interest in Bitcoin, particularly among institutional investors, as Ethereum struggles to maintain traction. Bitcoin’s sustained inflows contrast with Ethereum’s diminishing ETF interest, implying a shift in institutional investor preferences.
On a positive note for Ethereum, its development team has taken significant steps to improve the network’s reliability and security. As we previously reported, to avoid potential risks and issues, the upcoming Pectra update will be divided into two phases.
The first phase, which will implement EIP-7702, is anticipated for early 2025, with the second phase following shortly after.
