A large Ethereum (ETH) holder held approximately $90 million (approximately 13.5 billion yen, equivalent to 1 dollar = 150 yen) worth of tokens for five years on the cryptocurrency exchange Kraken. Lookonchain, an on-chain analysis tool, announced on December 5th that it has moved toPosted.

According to blockchain data, this “whale” (a major holder of the token) deposited 39,260 ETH into Kraken during the morning hours of Asian trading hours. This address previously received 47,260 ETH (valued at the time over $11 million, or approximately 1.65 billion yen) in a single transaction in 2017.

An early $ETH whale appears to be selling ETH again after being dormant for 5 years.

The whale deposited all 39,260 $ETH($87.5M) to #Kraken 30 minutes ago.

The whale received 47,260 $ETH($11.34M) at ~$240 from June to August 2017.

If sold the whale would make a profit of ~$78M. pic.twitter.com/v0PI4LNTKO

— Lookonchain (@lookonchain) December 5, 2023

CoinDesk analyzed this address and found that past transactions were not tied to any exchange’s cold storage. However, at least one transaction may have been connected to an address belonging to trading company Cumberland, according to data tool Arkham.

Moving to an exchange typically means that holders have the possibility to convert their tokens into stablecoins or other tokens.

Meanwhile, the market depth of tradable Ethereum trading pairs on Kraken was over $5 million as of the morning of December 5th, and a buy or sell of this amount could move the market by at least 2%.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: Early Ether Investor Moves Nearly $90M ETH to Kraken