Kraken News: Dormant Ethereum Whale Moves $13M to Kraken Amid Market Turbulence

In a significant development in the cryptocurrency market, a dormant Ethereum whale has made a substantial move, transferring a large amount of ETH to the Kraken exchange. Here’s a closer look at what happened and what it means for the market.

Dormant Ethereum Whale Awakens, Moves $13M in ETH to Kraken

Amid market turbulence, a dormant Ethereum whale has reemerged, transferring 7,000 ETH worth $13.8M to Kraken. This move occurred as ETH plunged below the $2,000 mark, erasing $46 billion in market value within a week. With a 10.64% weekly decline, ETH is currently the weakest performer among high-caps. However, with the RSI in oversold territory and trading volume surging 47%, some traders view this as a potential ’dip-buying’ opportunity.

Uniswap Plunges to 8-Month Low

Uniswap (UNI) price trades at $5.84, marking an 8-month low, after falling nearly 9% in the last two days. Santiment’s Exchange Flow balance for UNI shows a positive spike, suggesting selling pressure from investors. Latest Lookonchain data revealed a whale deposited 2.25 UNI tokens worth $13.71 million into Kraken, possibly to cut losses. The on-chain data indicates a bearish bias for Uniswap.