Ethereum Whale Awakens: $87.5M Deposit Signals Crypto Market Stir

An Ethereum whale, dormant for five years, made a notable return by depositing $87.5 million worth of ETH on the Kraken exchange this Monday, according to data from Lookonchain. The whale had previously received 47,260 ETH valued at $11.34 million between June and August 2017. It sold 8,000 ETH in the following year and has been inactive until now.

An early $ETH whale appears to be selling ETH again after being dormant for 5 years.

The whale deposited all 39,260 $ETH($87.5M) to #Kraken 30 mins ago.

The whale received 47,260 $ETH($11.34M) at ~$240 from June to August 2017.

If sold the whale would make a profit of ~$78M. pic.twitter.com/v0PI4LNTKO

— Lookonchain (@lookonchain) December 5, 2023

If the whale decides to liquidate its holdings on Kraken, it will generate an impressive profit of approximately $78 million. Currently, with a 24-hour trading volume of $16,235,397,093 USD, the current live price of Ethereum is $2,275.32 USD. Over the past day, Ethereum has increased by 3.31%.

Moreover, in a parallel development on the same Monday, Lookonchain reported that an address associated with Celsius, a beleaguered crypto lending platform, transferred 7,500 ETH, equivalent to $16.7 million, to FalconX, an institutional crypto trading platform.

In the past three weeks, Celsius has conducted a series of ETH transfers totaling 37,260 ETH, valued at $83 million, as reported by the crypto tracker. These transfers occurred across FalconX, Coinbase, and OKX.

Furthermore, in July, Celsius filed for bankruptcy when its native token crashed by 99%, leaving it unable to honor withdrawal requests. This is interesting news as one of the American judges allowed a bankruptcy plan for Celsius, leading to some hope for its further financial rehabilitation. We’ve established ‘NewCo’ to engage actively in mining and staking operations.

Ethereum Sparks NewCo’s $1.25B Crypto Surge

However, NewCo is expected to have a $1.25 billion balance sheet. $450 million will be used for liquid crypto assets to meet creditor obligations. The return of the dormant Ethereum whale and ongoing fund movement from Celsius highlight the dynamic crypto market.

Moreover, investors and observers watch these events closely. They can influence market trends and project stability. These developments remind us of the dynamic landscape in the evolving crypto space. Vigilance is crucial in navigating this volatile market.

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