Learn about the significant deposit of 6,000 ETH, valued at $9.96 million, made by an Ethereum whale on Kraken.
It was reported yesterday that an Ethereum whale made a deposit of 6,000 ETH, or $9.96 million, on the Kraken cryptocurrency exchange. A whale’s move of cryptocurrencies to exchanges frequently signals a gloomy market. Will this actually happen?
Ethereum: A whale made a 6,000 ETH deposit on the Kraken cryptocurrency market
Yesterday morning, an Ethereum whale sent 6,000 ETH to the Kraken cryptocurrency market. The onchain analyst at Lookonchain informed the crypto-community of this.
In essence, the aforementioned whale would have placed $9.96 million in ETH on Kraken.
Additionally, Lookonchain discovered that this Whale had taken part in the Ethereum ICO. In addition, that wallet purportedly received 254,908 ETH from the Ethereum Genesis network in July 2015, which is equal to $422.6 million in today’s dollars.
Such movements by a whale, such as shifting its substantial wealth to cryptocurrency exchanges, are typically a sign of gloomy market sentiment.
However, there is also the additional consideration that the 6,000 ETH put on Kraken represents a rather little part of the Ethereum whale’s entire holdings.
Ethereum: a deposit on Kraken and a projection for its pricing
However, it seems that there are many who are instead forecasting that the price of the cryptocurrency may undergo a bull run, despite the expected adverse market attitude brought on by Ethereum’s whale move.
Indeed, optimistic forecasts have been made recently about the price of ETH, in part because the halving of Bitcoin in 2024 may signal the beginning of a bull market.
In general, historical data shows that Ethereum has regularly outperformed other cryptocurrencies during bull markets in terms of price. Contrarily, ETH appears to suffer the most even during BTC down markets.
Including the previous bear market that had a decline of -82%, Ethereum’s price has increased 37% from the beginning of 2023 to the present. In contrast, Bitcoin has already increased by 63%.
Positive expectations for ETH’s price performance during the approaching bull run are also based on expectations that ETH adoption will continue to rise along with blockchain usage.
Ethereum (ETH), the standard cryptocurrency for smart contracts, DeFi, and NFTs, is currently trading at $1645.
Vitalik Buterin’s answer to Hong Kong
In keeping with the Ethereum theme, it appears that Hong Kong’s cryptocurrency legislation has been questioned by Ethereum co-founder Vitalik Buterin.
Buterin reportedly issued a warning to cryptocurrency projects looking to relocate to Hong Kong during the Web3 Transition Summit, alleging that he is ignorant of the legal system there.
Johnny Ng, a member of the Hong Kong Legislative Council, intervened in reaction to these allegations.
Ng allegedly detailed the connection between Hong Kong and Mainland China in a tweet, as well as the country’s pattern of legislation issuances, and came to the conclusion that Hong Kong’s regulatory policies are “very stable” with regard to cryptocurrencies.
