Over 5,500 ETH Transferred to Kraken Amid Price Decline

Ethereum (ETH) experienced a rally over the past week that sent its price above $3,480. This movement was not isolated as the entire crypto market mostly moved in an upward direction, triggered by the outcome of the November U.S. elections.

However, the value of the coin has seen a steady decline, along with the majority of the market in the last 24 hours, as over $680 million has been liquidated from the market. Amid this decline, crypto whales are making “sell-off” movements.

Whale Shifts $19 Million ETH to Kraken

Lookonchain, a blockchain transaction tracking platform, flagged the transaction and reported it on X (formerly Twitter). According to its report, a wallet address linked to EthDev moved an outstanding 5,597 ETH, valued at approximately $19.45 million.

Usually, when cryptocurrencies are transferred from external wallets to centralized crypto exchanges such as Kraken, it is often interpreted as a potential sale because of how easy it is to trade in the marketplace. The volume of the coins moved can trigger a bearish momentum, leading other investors to offload their holdings.

Meanwhile, this is not the first time a wallet linked to the ETH foundation has moved funds to Kraken. In August, a wallet shifted a massive 35,000 ETH, worth about $96 million at the time. This series of transfers has raised speculations among the ETH community as they call for more transparency on the side of the Foundation.

However, the director of the Foundation, Aya Miyaguchi, has explained that the transfers are part of operational expenses for the Foundation, adding that the Ethereum Foundation has an annual budget of approximately $100 million used to pay grants and salaries.

Ethereum Price Movement

The price of Ethereum (ETH) has exhibited a significant downward movement in the last 24 hours. According to on-chain data, ETH has lost 5.53% in the last 24 hours, trading at $3,357

However, the trading volume over the last day surged by 58.37% to reach $52.22 billion with a live market cap of $403.8 billion. On the weekly frame, ETH is still up by 8.11%, and by an impressive 34.87% in the last 30 days.

It will be interesting to watch how Ethereum (ETH) will react in the coming days as investors remain bullish on its prospects.