Ethereum: Whale makes a surprise move, sparks inflows
- A whale deposited over 39,000 ETH to the Kraken exchange.
- This marked Ethereum’s first positive flow in a month.
After experiencing several days of continuous outflows, Ethereum [ETH] has just observed its first significant influx of the month.
The increase in the volume of inflow into exchanges could be attributed to a recent transaction made by a prominent whale.
Ethereum whale shakes up exchange flow
On the 5th of December, an Ethereum whale that had remained inactive for five years initiated a significant transaction. The whale transferred its entire holdings to the Kraken exchange.
Records from Lookonchain showed that this whale had acquired 47,260 ETH at an average price of $240 per token between June and August 2017.
After selling a portion of its holdings previously, the whale has now deposited the remaining 39,260 ETH tokens onto the exchange.
At the press time market rate, these tokens amount to around $87.5 million. The anticipated total earnings for the whale from selling all the tokens are expected to reach around $78 million.
This recent move has caused a notable disruption in the Ethereum exchange flow.
Ethereum inflow rises for the first time in the month
AMBCrypto’s examination of the Ethereum Exchange Netflow on CryptoQuant showed a consistent negative trend over the past few days. The trend signaled a prevalence of outflows from exchanges.
However, there has been a noteworthy reversal in this pattern within the last 24 hours. AMBCrypto observed that the net flow turned positive at the close of trading on the 4th of December, registering an influx of over 15,800 ETH.
Also, as of press time, this positive momentum has intensified, showcasing the impact of the recent whale movement. The inflow has surged to over 39,400 ETH and could increase further by the day’s end.
This shift suggested not only the influence of the recent whale transaction but also an overall increase in the amount of the token being deposited into exchanges.
ETH remains above $2,000
Ethereum has exhibited a positive trend for five consecutive days, propelling its price significantly beyond the $2,000 mark. However, at the time of this update, it had experienced a minor setback, with a decline of around 1.5%.
Nevertheless, it has managed to sustain its upward trajectory, remaining above the $2,200 price level.
Realistic or not, here’s ETH market cap in BTC’s terms
Additionally, on the 4th of December, Ethereum recorded a substantial trading volume of over 16 billion. This marked the highest volume in the past few weeks.
As of press time, the trading volume had slightly decreased to around 14 billion.