Ethereum Whale Makes $19.5M Kraken Withdrawal, Analysts at Odds Over Price Direction
An Ethereum whale has made a significant move on Kraken, withdrawing $19.5 million in Ether tokens over two days.
The wallet, tagged 0x8447, pulled 10,300 tokens worth approximately $9.98 million from the exchange on Monday and then followed up with another transfer of 5,000 tokens valued at about $9.53 million.
This move has sparked a debate among analysts regarding the direction of Ether's price. Some, like Ted Pillows, believe that a breakout above $1,960 could send prices towards $2,030, while others, such as Merlijn The Trader, expect a dip to $1,715 before any expansion phase begins.
The whale then staked 2,020 tokens worth about $3.84 million through Ethereum's Beacon Deposit Contract, making this supply unavailable for spot sellers until the validator becomes inactive.