- A 2015 ICO era ETH whale transferred 4,900.5 ETH to Kraken, suggesting a potential strategic shift after long term holding.
- ETH exchange outflows dominated since June, yet price rose from $2,400 to $3,000, showing strong support and low sell pressure.
- 76% of ETH holders are long term, with 73% in profit; large wallets hold 55%, indicating market confidence and structured moves.
An early Ethereum investor has transferred 4,900.5 ETH worth approximately $14.6 million to crypto exchange Kraken. This transfer was reported on July 15 and is a substantial movement of long held assets.
The wallet involved, associated with Ethereum 2015 ICO phase, still holds 100 ETH valued at around $298,000. This transaction comes with a broader pattern of activity suggesting strategic repositioning among Ethereum holders.
Large Transfers and Exchange Outflows
This whale deposit coincides with an ongoing trend of net outflows from crypto exchanges. According to Coinglass, Ethereum outflows have dominated market behavior since June.
Between June 20 and 22, net withdrawals consistently ranged between $100 million and $150 million. From July 10 to 14, outflows once again intensified, frequently exceeding $50 million per day.
ETH Spot Inflow/Outflow Chart, Source: Coinglass
While most days showed exchange withdrawals, July 10 stood out with a rare inflow exceeding $150 million. This sudden spike suggested short term changes in liquidity, with smaller inflows scattered throughout the period. Despite these movements, outflows continued to lead, which shows reduced selling pressure on exchanges.
Price Climbs Despite Redemptions
Ethereum’s market price has shown steady growth during this period of exchange outflows. Data indicates ETH bottomed near $2,350 to $2,400 in late June. Since July 5, the price has steadily recovered, reaching over $3,000 by July 15.
This increase occurred even as large holders moved ETH off centralized platforms. As per IntoTheBlock, large transactions amounted to $70.11 billion in the last week alone. Netflows remained negative at -$949.41 million. Despite this, price support held strong, indicating active repositioning rather than panic selling.
Key On-Chain Metrics and Market Structure
Recent on-chain data shows a resilient holding pattern among Ethereum investors. Currently, 76% of holders have retained their ETH for over one year. Meanwhile, 21% have held between one to twelve months, and only 3% have held for less than a month.
Ethereum holders chart, Source: IntoTheBlock
According to IntoTheBlock, 73% of ETH holders are in profit. Another 4% are at break even levels, and 23% are currently at a loss. Additionally, 55% of ETH is held by large wallets. Ethereum’s correlation with Bitcoin remains high at 0.96, indicating tight market tracking.
Overall, the large transfer to Kraken shows strategic moves by long-term holders. Continued outflows, firm price recovery, and concentrated holding patterns show a structured change in Ethereum’s market moves over recent weeks.
