Blockchain data provider Lookonchain has reported that an Ethereum whale, which has been inactive for five years, has started moving again. Data suggests that the crypto whale has transferred millions of dollars worth of ETH to a cryptocurrency exchange.
A “whale” is a term used for individuals or institutions that hold a large amount of a coin or token, and it has been confirmed that this particular whale’s wallet address is not associated with any cryptocurrency exchange. However, data from blockchain analysis tool Arkham suggests that the wallet address may be linked to trading firm Cumberland due to at least one transaction.
Transferring a coin or token to a cryptocurrency exchange typically means selling it for something like stablecoins, such as Tether (USDT), or converting it to another coin or token.
According to current data, the market value of ETH on the Kraken exchange is over $5 million. This indicates that the whale can potentially move the market by at least 2% with the ETH in their possession.
According to data provided by crypto data and price platform CoinMarketCap, ETH is currently trading at $2,209, with a 1.88% decrease in the past 24 hours. The data also reveals a 10.14% increase in price in the last 7 days and a 17.34% increase in the last 30 days.