Large Ethereum Investor Moves 470 Million Won Worth of ETH to Exchange
A large Ethereum (ETH) investor has again transferred a large amount of ETH to the Kraken exchange, as reported by on-chain analysis platform Spoton Chain on the 14th.
This investor transferred 20,000 ETH (approximately 470 million won) to Kraken. They currently hold 30,874 ETH (approximately 720 million won), and their estimated selling revenue so far amounts to 104 million dollars (approximately 1.49 billion won).
In January, this investor also transferred 20,000 ETH worth 67.5 million dollars (approximately 970 million won) to Kraken. Additionally, during the bearish market period from September 1 to 9, 2022, they withdrew 120,874 ETH (approximately 285 billion won at the time) from Kraken and have been gradually selling during price declines.
Meanwhile, Spoton Chain reported on the 11th that they detected movements of large investors accumulating ETH. A new investor who created a new wallet is holding 9,610 ETH (approximately 22 billion won).
This investor withdrew 5,000 ETH from Kraken, used it as collateral to borrow 7 million dollars in USDS from Spark, and then used those funds to purchase an additional 4,610 ETH. Spoton Chain analyzed this as an Ethereum long position strategy.
Ethereum's price relative to BTC has been declining since September 2022. Crypto analyst James Check pointed out that Ethereum has underperformed Bitcoin (BTC) returns for 85% of the period. The number of active addresses has also been stagnant for four years.
While Ethereum has secured cost competitiveness by lowering transaction fees, attracting active users remains a challenge.
Ethereum is approaching the 'Pectra' upgrade on May 7th. In this upgrade, the maximum staking amount per validator will be significantly increased from the current 32 ETH to 2,048 ETH.
Artemiy Parshakov from P2P.org predicted that this change will expand market share and adoption. He particularly expected significant changes in institutional investors' staking operations.
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