A prominent crypto whale has got the attention of the community with a significant move of deposit. As per Lookonchain, the crypto whale has again deposited $67.6M in the Ethereum ($ETH) into Kraken following redeeming $350.5M from Coinbase and Kraken. This event has raised significant speculation among crypto enthusiasts. Nonetheless, the actual intent of the whale behind this move remains uncertain. Overall, the $ETH deposit by the whale indicates a noteworthy development to take place in the coming time.
Whale Puts 20K $ETH Back into Kraken Following Extraction
Lookonchain disclosed that the crypto whale has again put up to 20K $ETH tokens into Kraken after a notable withdrawal. As per the on-chain data, the whale formerly extracted a cumulative amount of 217,513 $ETH from Coinbase and Kraken. In this respect, the big $ETH investor withdrew up to $350.5M in total.
The whale reportedly performed this withdrawal at an average cost of up to $1,611. The massive $ETH withdrawal reportedly took place between the 31st of August and the 9th of September last year. Nonetheless, following the respective withdrawal, the whale has recently again deposited a substantial amount of $20,000 $ETH into Kraken. With this stunning development, the whale has created an enormous buzz in the crypto community. Hence, the onlookers keep a keen eye on the possible next moves of the whale.
Leveraging Previous $ETH Movements, Netting Huge Profits
According to Lookonchain, before the above-mentioned big $ETH withdrawal, the crypto whale had formerly deposited 146,639 $ETH into Kraken. Thus, the whale deposited $464.8M into the crypto exchange at $3,170 as the average price.
Following this, the crypto whale still retained 70,874 $ETH, accounting for $240M. This resulted in a gain of up to $354M in total. In line with these strategic moves, the crypto whale is again potentially seeking to get huge profits with the recent deposit. The move highlights the likelihood of an important development to be approaching.
