Data analytics indicate a major whale or institutional investor executed significant Ethereum withdrawals from crypto exchange Kraken, totaling 80,312 ETH valued at approximately $251 million across transaction batches.
The activity began on July 10 with a sustained accumulation pattern, concluding with the removal of 8,262 ETH worth $25.17 million during a concentrated three-hour window on July 16. The transactions averaged $2,801 per ETH at withdrawal.
Such substantial withdrawals from a leading exchange typically signal accumulation strategies that may influence broader market sentiment and contribute to potential price volatility for Ethereum.