Yesterday it was highlighted that an Ethereum whale deposited 6,000 ETH, the equivalent of $9.96 million, on the Kraken crypto-exchange.
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The crypto transfer by a whale to cryptocurrency exchanges often indicates bearish market sentiment. Will this be the case?
Ethereum: the deposit of 6,000 ETH on the Kraken crypto-exchange by a whale
Earlier in the day yesterday, an Ethereum whale transferred 6,000 ETH to the Kraken crypto-exchange. Reporting this to the crypto-community was Lookonchain‘s onchain analyst.
Basically, the whale in question would have deposited the equivalent of $9.96 million in ETH on Kraken.
Not only that, Lookonchain identified that this Whale was also a participant in the Ethereum ICO. Moreover, that wallet reportedly received 254,908 ETH (the equivalent of $422.6 million today), from the Ethereum Genesis blockchain, in July 2015.
Usually, when a whale makes such transactions, namely moving its large funds to crypto-exchanges, it is a symptom of bearish market sentiment.
In this case, however, there is also the fact that the 6,000 ETH deposited on Kraken, is a not-so-high proportion compared to the Ethereum whale’s total funds.
Ethereum: the deposit on Kraken and the crypto’s price forecast
However, despite the likely bearish market sentiment resulting from Ethereum’s whale move, it appears that there are those who are instead predicting that the crypto’s price may experience a bull run.
And indeed, positive predictions have recently been reported regarding the price of ETH, this is partly because a possible bull run of Bitcoin is coming with the halving 2024.
Basically, looking back, Ethereum has managed to perform consistently better in terms of price precisely during crypto bull runs. In contrast, however, even during BTC bear markets, ETH seems to suffer the most.
From early 2023 to the present, Ethereum’s price has risen 37%, counting the previous bear market that saw it fall -82%. Bitcoin, on the other hand, is already +63%.
Positive assumptions about ETH’s price performance for the upcoming bull run are also based on the continued increase in blockchain usage and thus ETH adoption.
At the time of writing, the quintessential crypto for smart contracts, DeFi and NFTs, Ethereum (ETH) is worth $1645.
Hong Kong’s response to Vitalik Buterin
Staying on the Ethereum theme, it appears that its co-founder Vitalik Buterin has challenged Hong Kong in terms of crypto regulation.
During the Web3 Transition Summit, Buterin reportedly warned crypto projects seeking to move their operations to Hong Kong, also claiming that he does not understand how the country’s laws work.
In response to these claims, a member of the Hong Kong Legislative Council, Johnny Ng, stepped in.
In a tweet, Ng reportedly described the pattern of law issuances in the country and explained the interaction between Hong Kong and Mainland China, concluding that crypto friendly regulatory policies in Hong Kong are “very stable.”