After going dormant for five years, an apparent large ether (ETH) holder moved nearly $90 million worth of the token to the cryptocurrency exchange Kraken, according to a post made early on Tuesday by the on-chain analytics tool Lookonchain.
Based on blockchain data, the “whale,” a term used to describe a significant token holder, deposited 39,260 ether to Kraken during the early morning hours of Asia. 47,260 ether, or slightly more than $11 million at the time, were previously sent to the address in a single transaction in 2017.
Analysis reveals that no exchange’s cold storage is connected to any of the previous transactions. However, a label on the data tool Arkham indicates that at least one transaction might be linked to an address owned by the trading company Cumberland.
When a token is moved to an exchange, it usually means that it can be converted to another token or sold for stablecoins, which will increase selling pressure.
As of Tuesday morning, data indicates that Kraken had over $5 million in available market depth on ether trading pairs; a buy or sell of that amount has the potential to move the market by at least 2%.