Ethereum whale realizes multi-million dollar loss after three years

An Ethereum (ETH) whale that had remained largely inactive for approximately three years has moved significant holdings to the Kraken exchange, signaling potential market capitulation.

On-chain data indicates the investor, associated with the address 0x7C5...77b86, originally acquired ETH between February and March 2022 at an average price of approximately $2,723. At that time, the total value of the holdings was roughly $64.9 million. The investor had previously staked these assets through Rocket Pool to earn passive income.

Recently, the whale transferred 7,323 ETH to Kraken, valued at approximately $13.96 million. Depending on the realized loss calculations, the investor faces a deficit ranging from approximately $6 million to $19 million compared to their initial entry points. Market analysts view such large-scale sales by long-term holders as a sign of significant psychological shifts in the crypto market.