Ethereum: Unknown Wallet Sends $151 Million ETH to Kraken

Whale Alerts says 80,000 ETH were sent from an unknown wallet to the popular cryptocurrency exchange Kraken. About $151 million is the amount of the Ethereum that was sent.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 80,000 #ETH (151,908,875 USD) transferred from unknown wallet to #Krakenhttps://t.co/oXzpyTYzqC

— Whale Alert (@whale_alert) May 4, 2023

Even though there is no proof that the whale plans to sell the moved ETH, it is never a good sign when assets move from cold wallets to platforms. It makes the coins more likely to be dumped on the market.

Yesterday, the Fed said interest rates would increase by another 25 basis points. Also, after the news, Bitcoin (BTC) went past $29k, and Ethereum (ETH) got close to $1.9k. But the whale in question may still determine how the economy will do. Maybe the person with the wallet thought there would be more price changes or a price fix soon.

At the same time, Nansen data showed that Solana (SOL) recently had more busy on-chain addresses than Ethereum (ETH). Even though the number of live SOL addresses on the blockchain dropped by 12% since March, it was still enough to beat ETH. The change could also have made the whale tired.

Even though $151 million worth of ETH is going to an exchange is a bad sign, some good things are happening in the Ethereum community.

Ethereum 2.0 Deposit Contract Value Hits 20,000,000 ETH

Glassnode statistics show that ETH 2.0 transfer contracts have reached an all-time high. The number of contracts has hit 20,000,000 ETH, worth about $38.1 billion.

JUST IN: #Ethereum 2.0 deposit contract value reaches 20,000,000 $ETH ($38.1 billion).

— Crypto Trends (@CryptoTrends) May 4, 2023

When the number of deposit contracts increases, people are more confident in the network. This is a bullish view because more buyers think that the future of ETH will be better.

Also, Glassnode says that as of the beginning of April 2023, the total amount of ETH committed has hit 18,028,839 ETH. Since staking withdrawals were made possible, the expected selling pressure has kept Ether’s price unchanged.