JAKARTA - Ethereum (ETH) is back in the spotlight. This time, a large number of crypto asset owners, commonly called whales or paus recently deposited 15,000 ETHs into the Kraken crypto exchange. This whale deposit sparked speculation about a possible massive sale ahead of ETF's Ethereum spot decision this week, to be precise on May 23.
Last week, the price of Ethereum showed optimism with a recovery to $3,100, leading to further increases. However, the latest activity from the Ethereum whale could put short-term pressure on the price of ETH.
Ethereum's on-chain data reveal prominent activity from long-term holders, aka the Ethereum whale, highlighting several potential market shifts. A whale identified with wallet address 0x7f1 has deposited 15,000 ETH, worth more than 45.98 million US dollars (approximately IDR 735 billion), to the Kraken exchange at a price of 3,065 US dollars (approximately IDR 49 million) per ETH.
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Interestingly, this same whale previously withdrew 120,874 ETHs from Kraken for an average price of 1,645 US dollars (approximately Rp. 26.3 million) in early September 2022. The whale now holds 105,874 ETHs worth 326 million US dollars (approximately Rp. 5.2 trillion), with a total profit of 173 million US dollars (approximately Rp. 2.7 trillion), representing an impressive gain of 87%.
Market data from CoinGlass shows a decrease in interest in ETH by only 1.55%, along with a significant reduction in option trading volume by 51.55%. Changes in this trading activity could impact Ethereum price volatility.
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