Kraken Sees Major Ethereum Whale Movements as Analyst Predicts $4,000 Surge

Recent activity from decade-old ethereum wallets has ignited market speculation, with analysts eyeing a $4,000 price target. A dormant address from Ethereum's 2014 ICO era transferred 1 ETH after ten years of inactivity, showcasing a staggering 787,000% return on an initial $310 investment, now valued at $2.44 million. Parallel activity was observed as another whale moved $12.1 million worth of ETH to Kraken exchange, signaling potential market movements. These developments highlight renewed momentum in Ethereum, drawing significant attention from investors and analysts alike.

Ethereum Whale Activity Sparks Market Speculation as Analyst Eyes $4,000 Target

Decade-old Ethereum wallets are stirring as the cryptocurrency shows signs of renewed momentum. A dormant address from Ethereum's 2014 ICO era transferred 1 ETH after ten years of inactivity, revealing an extraordinary 787,000% return on an initial $310 investment now valued at $2.44 million.

Market observers note parallel activity with another whale moving $12.1 million worth of ETH to Kraken exchange. These movements coincide with analyst Cyclop's prediction of ETH reaching $4,000 this summer, despite Standard Chartered revising its 2025 target downward to the same level from previous higher estimates.

The reactivation of legacy wallets occurs against a backdrop of record-high ETH accumulation, even as the asset trades 49% below its all-time peak. Short positions have reached unprecedented levels, creating what some traders view as potential fuel for an upward price movement.

BitMine Immersion Stock Triples as it Raises $250M for Ether Treasury, Adds Thomas Lee to Board

BitMine Immersion Technologies (BMNR) has secured $250 million through a private placement of common stock, earmarked for launching an ether (ETH) treasury. Upon closing the deal on July 3, the Las Vegas-based miner will rank among the largest publicly traded holders of ETH.

The financing, priced at $4.50 per share, attracted notable investors including Founders Fund, Pantera Capital, Kraken, Galaxy Digital, and Republic. Cantor Fitzgerald advised lead investor MOZAYYX, while ThinkEquity facilitated the placement.

BitMine highlighted ethereum's dominance in stablecoin payments, tokenized assets, and decentralized financial applications as the rationale for its ETH treasury strategy. "By maintaining a direct ETH treasury position, the company gains access to native protocol-level activities like staking and decentralized finance mechanisms on the Ethereum network," the firm stated.

The move coincides with a leadership reshuffle. Fundstrat founder Thomas Lee, a Wall Street veteran renowned for his crypto research and bullish stance, was appointed Chairman of the Board. Lee framed the funding round as evidence of "the rapid and continued convergence of traditional financial services and crypto," introducing ether per share as a new key performance metric.

SharpLink Gaming (SBET) stands among the few other public companies establishing an ether treasury.