Dormant ETH Whale Moves 7,323 ETH to Kraken, Faces $6M Loss

BitcoinWorld Dormant ETH Whale Moves 7,323 ETH to Kraken, Faces $6M Loss An Ethereum address that had remained inactive for three years has transferred 7,323 ETH, valued at approximately $13.96 million, to the cryptocurrency exchange Kraken.

The transaction, which occurred about 10 hours ago, was flagged by on-chain analytics account ai_9684xtpa on X (formerly Twitter).

Whale’s Cost Basis and Current Position According to the on-chain data, the whale initially accumulated 23,834.17 ETH at an average price of $2,723.20 between February 15 and March 21, 2022. The holdings were subsequently staked on Rocket Pool, a liquid staking protocol.

If the transferred ETH is sold at the current market price, the whale would incur a loss of approximately $5.977 million, representing a 30% decline from the original investment.