ICO whale moves Ethereum to Kraken
Despite Ethereum’s price rise, an ICO whale transferred 7,000 ETH to Kraken today, with $119 million in outflows and the US SEC delaying the spot ETH ETF launch adding to market doubts.
Despite a significant upswing in Ethereum’s price today, an ICO whale has moved a large amount of its holdings to a centralised exchange. Specifically, 7,000 ETH, valued at $24.28 million, were transferred to the Kraken exchange after 209 days of dormancy. The move has raised concerns among Ethereum investors, especially as it comes amid substantial weekly outflows.
Ethereum has seen the largest outflows since August 2022, with $60.7 million in weekly outflows reported by CoinShares. Over the past two weeks, the total outflows amass $119 million, making Ethereum the worst-performing asset in year-to-date net flows. The year-to-date outflows amount to $25 million, further exacerbating investor worries about the asset’s future performance.
Additionally, the US SEC’s recent postponement of the spot ETH ETF launch process has added to Ethereum’s uncertainty. The SEC’s decision to return the S-1 amendment forms for refiling has fuelled speculation about Ethereum’s future in the market.
Despite these concerns, Ethereum’s price has surged today, reflecting a broader positive movement in the crypto market. However, the ongoing outflows and regulatory delays continue to cast a shadow over the asset’s prospects.
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