Kraken Sees Ethereum Whale Activity as Market Braces for Potential Selloff

Recent large-scale Ethereum transfers, including a significant deposit to Kraken, have raised concerns about a potential market selloff. With ETH’s price at $1,612, analysts are divided on its future trajectory as whales unload holdings.

Whales Dump $127M in Ethereum—Market Trends Shift

A recently inactive Ethereum holder transferred 30,000 ETH, worth $47.85 million, after three years of dormancy. Of this, 3,000 ETH was deposited to Kraken, sparking fears of a selloff. Separately, Galaxy Digital transferred nearly 80 million ETH (though likely a typo intended as a smaller amount given context) to exchanges, enhancing pressure on Ethereum’s price. ETH is currently trading at $1,612, and analysts are divided on its future direction. An early ICO participant’s significant operation highlights changing market trends.

Bitcoin Price Breakout In Progress

Bitcoin price is slowly moving higher above the $86,500 zone. BTC found support at $84,200 and started a recovery wave. The price is trading above $85,500 and the 100 hourly Simple moving average. There was a break above a connecting bearish trend line with resistance at $85,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it clears the $88,000 zone. Additionally, Bitcoin price remained stable above the $83,200 level and climbed above the $84,200 and $85,000 resistance levels.