A crypto whale sent 39,260 ETH worth of nearly $90 million to Kraken on December 5, according to data from on-chain analytics platform Lookonchain.
This wallet previously received 47,260 ETH from a transaction in 2017, which was worth more than $11 million at that time. Since then, this whale has not made any transaction until today.
CoinDesk’s analysis of this address indicates that this is not a cold wallet of any exchange. Moreover, at least one transaction of this wallet may have been linked to an address belonging to the Cumberland exchange, as shown on the Arkham data tool.
The term “crypto whale” refers to investors who hold large amounts of assets and have significant impact on that cryptocurrencies. The move to deposit a token to an exchange involves the possibility that holders will sell tokens for stablecoins, thereby increasing the selling pressure for that token.