Ethereum Whale Moves $10.4 Million ETH to Kraken: Implications for the Market

A substantial Ethereum transfer has sparked interest in the crypto market. A notable Ethereum ICO whale, holding a significant amount of ETH from the network’s early days, deposited $10.42 million worth of ETH onto the Kraken exchange. This large transaction, reported by on-chain analytics firm Onchain Lens, is generating discussion about potential market implications. Experts attribute this move to expanding decentralized finance applications and growing institutional interest in Ethereum. 2,283 ETH were deposited, which is significant due to its impact on the overall supply of Ethereum.