Ethereum ICO Whale Offloads $23M in $ETH Amid Price Plunge, Signals Market Top Concerns

An Ethereum ICO whale who had been inactive for five months made two big transactions on Kraken where he deposited 14,000 $ETH worth $23.15 million at a time when its price was declining. Strategic selling activities from the whale during price drops have led analysts to wonder when an industry bottom could occur.

As $ETH fell hard, an #Ethereum ICO whale further deposited 7,000 $ETH ($10.21M) to #Kraken an hour ago!

The whale still holds 23,070 $ETH ($34.5M) and has been offloading the tokens during steep price drops .

Follow @spotonchain for more updates about this whale!… https://t.co/l00L2jorc2 pic.twitter.com/NqAMMHYO8i

— Spot On Chain (@spotonchain) April 7, 2025

Whale Activity During Ethereum Price Dips

On March 11, 2025, the whale used 7,000 $ETH worth $12.94 million to deposit into Kraken while Ethereum prices started falling. The exchange transaction occurred just one hour ago on April 7 when 7,000 $ETH were deposited totaling $10.21 million at the same time $ETH prices decreased to $1,810. 

Following the March investments the whale holds 23,070 $ETH which amounts to $34.5 million but this number has decreased from the original 30,070 $ETH. 

Market Context and Implications

The Dencun upgrade has worsened the inflation problem because network activity declined to new all-time lows in active addresses and transaction fees. The whale’s actions matched Ethereum ETF market dynamics because investors withdrew 11,195 $ETH worth $19.93 million from these funds on April 3. The whale transferred Ethereum to the Kraken trading platform possibly for the purpose of selling which could foretell a bearish trend for short-term $ETH prices.

A Signal of Market Sentiment

The crypto market currently experiences strong selling pressure due to $1.38 billion in overall liquidations which include $393.60 million in ETH. The whale continued to sell the cryptocurrency as prices decreased possibly to show their belief that Ethereum reached the end of its current cycle while experts noticed its weaker performance vs Bitcoin. 

The $34.5 million $ETH holding position of the whale will receive close attention because it may produce market-shaping actions during Ethereum’s journey through its current challenges.