Kraken Observes Ethereum Whale Movement as Early Investor Transfers $9.9M in ETH Amid Supply Squeeze

An early Ethereum participant from the 2014 ICO has made headlines by transferring 2,300 ETH (worth $9.9 million) in a single transaction, signaling heightened activity among large holders. The investor, who initially acquired 20,000 ETH for just $6,200 during Ethereum's Genesis sale, still holds 1,623 ETH valued at $6.99 million. This movement coincides with Ethereum's tightening supply and growing price speculation, as whale transactions accelerate amid a breakout from a multi-year symmetrical triangle. Kraken and other exchanges are closely monitoring these developments as they could signal shifting market dynamics for the second-largest cryptocurrency by market cap.

Ethereum ICO Investor From 2014 Moves $9.9M as ETH Supply Tightens

An early ethereum participant has resurfaced, transferring 2,300 ETH worth $9.9 million in a single transaction. The investor, who acquired 20,000 ETH during the 2014 Genesis sale for just $6,200, still retains 1,623 ETH valued at $6.99 million. This activity coincides with Ethereum's tightening supply and heightened price speculation.

Whale movements are accelerating as Ethereum breaks out of a multi-year symmetrical triangle pattern—a technical formation analysts interpret as a bullish signal. Price targets now stretch to $15,000, representing a potential 372% surge from current levels. Concurrently, over $16 million in ETH was transferred to Kraken, underscoring heightened institutional activity.

Market dynamics are shifting decisively toward altcoins. Ethereum is now outpacing Bitcoin in capital inflows, with treasury investments and ETF expectations fueling the rally. Michaël van de Poppe anticipates volatility, suggesting Bitcoin could test $120K before triggering an altcoin correction.

Pudgy Penguins Mascot Secures F1 Debut After Kraken Contest Win as PENGU Price Eyes $0.050

PENGU, the meme coin representing Pudgy Penguins, has clinched victory in Kraken's Meme Coin Showdown, amassing over $21.4 million in trading volume. The win grants its mascot a coveted spot on the Williams Racing FW47 at the Singapore Grand Prix, marking a high-profile crossover between crypto and Formula 1.

The trading contest, a collaboration between Kraken and Williams Racing, saw PENGU outpace rivals DOG and BONK across 32 rounds of competition. Chart patterns now suggest a bullish pennant formation, with a breakout above $0.040 potentially propelling the token toward $0.050.

Special recognition will be given to all top-three finishers, though the spotlight remains on PENGU's upcoming debut at speeds exceeding 200 mph. The achievement underscores the growing cultural influence of meme coins beyond traditional crypto markets.