- An early ETH investor moved 800 ETH to Kraken, netting $13.36M profit from a 4,803% ROI while still holding $6.66M in ETH.
- A whale withdrew 12,341 ETH ($45.6M) from Kraken over 8 days, supporting the trend of large outflows during price stability.
- Despite $100M+ outflows since July 17, ETH price is near $3,705, suggesting bullish off exchange accumulation continues.
An early Ethereum investor who had been inactive for four years reappeared this week, transferring a large amount of ETH to a centralized exchange. According to Onchain Lens, the participant deposited 800 ETH, valued at $2.96 million, to Kraken.
The investor originally received 8,950 ETH during the initial coin offering for only $2,783. After the recent transfer, they still hold 1,780 ETH worth about $6.66 million, generating a profit of $13.36 million overall. This represents a staggering 4,803% return on investment.
Whale Moves $45M in ETH from Kraken in 8 Days
Another movement involved a separate Ethereum whale withdrawing a total of 12,341 ETH, worth $45.6 million, from Kraken over the past eight days. Onchain Lens reports the most recent withdrawal was 2,672 ETH, valued at $9.87 million.
This trend of large scale withdrawals has coincided with Ethereum’s price holding above $3,600. The whale’s activity added to broader withdrawal trends observed across the Ethereum ecosystem during the past few weeks.
$150M Inflow Followed by $100M+ Outflows
Ethereum exchange netflow data from June 28 to July 23 shows a changing pattern in trader behavior. Between June 28 and July 5, red netflow bars dominated, indicating consistent ETH withdrawals ranging from $10 million to $50 million.
This occurred while ETH remained mostly below $2,400, indicating accumulation during lower price levels. However, between July 6 and July 16, netflows flipped green, with July 10 recording the highest inflow spike of nearly $150 million. Around that time, ETH surged past the $3,000 mark, likely prompting profit taking.
Price Holds Near $3,700 Amid Sustained Outflows
The late July period, from July 17 to July 23, returned to heavy outflows, with several intervals recording $50 million to $100 million in net ETH withdrawals. Ethereum price peaked at approximately $3,900 on July 20 but has since dipped slightly.
It now trades around $3,705. Despite the price dip, the ongoing withdrawals indicate ETH is leaving exchanges during elevated price levels. This includes activity from both the resurfaced ICO participant and the active whale tracked by Onchain Lens.
The net effect of these movements shows a clear pattern. Large players have transferred ETH off exchanges, either for custody or other strategic uses. Ethereum has maintained high prices above $3,600. Withdrawals from Kraken, totaling tens of millions, show the broader market trend of reduced exchange balances amid continued price strength.
