An early Ethereum investor from the original 2015 ICO has transferred 5,000 ETH worth approximately $14.6 million to cryptocurrency exchange Kraken. This transaction signals strategic repositioning by longstanding holders as Ethereum demonstrates strong market recovery.
Ethereum has experienced significant capital outflows from exchanges in recent weeks, with daily net withdrawals regularly surpassing $100 million since late June. These sustained capital movements coincide with ETH price rebounding over 25% from recent lows, climbing from $2,350 to above $3,000.
The transfer occurs against a backdrop of favorable holder metrics: 76% of ETH holders currently maintain long-term positions, while 73% hold profitable positions with just 23% at a loss. Market structure analysis reveals larger wallets control 55% of ETH’s circulating supply.
Heightened whale activity appears alongside robust network usage, with Ethereum’s daily transaction volumes exceeding $70 billion. Notably, ETH’s price correlation with Bitcoin remains exceptionally strong at 0.96, reinforcing the interdependence between the two leading cryptocurrencies.