An ether (ETH) whale, who has held the token since its initial coin offering (ICO), made waves on Monday as it moved ETH worth millions to crypto exchange Kraken, according to blockchain sleuth Spot on Chain.

The whale deposited 7,000 ETH, worth $13.8 million at press time, to Kraken as the token’s price plummeted along with the broader market on U.S. recession fears. Ether tanked to $1,760, reaching the lowest since October 2023, and last changed hands at $1,900.

Large inflows into exchanges are said to represent investors’ intention to liquidate the asset or deploy the same as margin/collateral in derivatives trading. This often breeds price volatility.

The ether ICO whale still holds 30,070 ETH worth over $50 million.

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