Kraken Sees Massive ETH Withdrawals as Whales Bet Big on Ethereum’s Rally to $3K

Ethereum (ETH) is showing strong bullish signals as institutional and whale activity intensifies, with significant withdrawals from Kraken indicating aggressive accumulation. Over 46,000 ETH ($126.5 million) were pulled from the exchange in just 12 hours, including a single new wallet absorbing $69.9 million worth of ETH within 8 hours. With Bitcoin already surpassing its all-time high, ETH appears primed for a similar breakout, potentially eyeing the $3,000 mark. The surge in whale activity and growing institutional interest suggest a robust upward trajectory for ethereum in the near term.

Ethereum (ETH) Price Eyes $3K Amid ETF & Whale Surge

Ethereum's price trajectory is gaining momentum as institutional and whale activity signals a potential rally. With Bitcoin having already breached its all-time high, ETH appears poised for a similar breakout.

Whale accumulation is intensifying, with over 46,000 ETH ($126.5 million) withdrawn from Kraken in just 12 hours. A single new wallet absorbed $69.9 million worth of ETH within 8 hours, underscoring aggressive accumulation patterns. Exchange reserves have dwindled to 18.9 million ETH—approaching mid-2022 lows—suggesting a supply squeeze as holders opt for long-term storage over liquidation.

Spot Ethereum ETFs are fueling demand, recording $211 million in net inflows on July 9 alone. The product has now seen eight consecutive weeks of sustained inflows, reflecting growing institutional confidence. This convergence of scarcity dynamics and capital inflow paints a bullish technical backdrop for ETH's climb toward $3,000.

DeFi Tokens Outperform Legacy Cryptocurrencies as Bitcoin Hits All-Time High

Bitcoin's ascent to a record high has sparked divergent performances across the altcoin market. DeFi tokens and layer-2 blockchain assets are leading the charge, while established cryptocurrencies like Litecoin (LTC), Bitcoin Cash (BCH), and Monero (XMR) lag behind.

Tokens such as Sei (SEI), Ethena (ENA), and Optimism (OP) have surged up to 28%, overshadowing Solana's (SOL) modest 3.9% gain. "Altcoins are leading the pack in this latest rally," noted Kraken's Thomas Perfumo, observing Bitcoin's declining market dominance as capital rotates into riskier assets.

The shift marks a departure from previous bull cycles where bitcoin dominance typically increased during rallies. Current data shows BTC's market share dipping to 63.5%, signaling growing appetite for altcoin exposure among traders navigating crypto's volatile, 24/7 markets.