A long-dormant Ethereum whale has re-entered the market after seven years, depositing 2,000 ETH worth $3.11 million to Kraken and sparking Ethereum price crash concerns.
By Bhushan Akolkar
Editor Julia Sakovich
Updated
3 mins read
After a crash to $1,400 on Black Monday yesterday, Ethereum ETH $1 639 24h volatility: 4.6% Market cap: $197.88 B Vol. 24h: $11.64 B price has bounced back and is up 3.2% at press time, trading at $1,594 levels.
With more than a 50% drop in just the first three months of 2025, investors are closely watching as to what’s next. Furthermore, dormant Ethereum whales have turned active recently and are offloading their holdings in big numbers.
Blockchain analytics platform Lookonchain has reported activity from an Ethereum (ETH) whale that re-entered the market after a seven-year dormancy. The investor, referred to as an “Ethereum OG”, deposited 2,000 ETH, valued at $3.11 million, to the crypto exchange Kraken.
An #Ethereum OG deposited 2,000 $ETH($3.11M) to #Kraken after 7 years of dormancy.
This OG bought 10,001 $ETH(cost $3.52M) at $352 in November 2017—and didn’t sell even when $ETH hit $4,878 during the last bull run.
He’s now sitting on a $12.3M profit, but the unrealized profit… pic.twitter.com/mhKm1ywITN
— Lookonchain (@lookonchain) April 8, 2025
This move to deposit 2,000 ETH to crypto exchange Kraken has sparked speculation on whether the investor plans to liquidate part of their holdings. Back in November 2017, the Ethereum whale had initially purchased 10,001 ETH, for an average price of $352 per ETH, and a total investment value of $3.52 million.
When Ethereum price touched an all-time high of $4,878 during the 2021 bull run, the value of this investment surged to $45 million, however, the whale refrained from selling back then.
Now, with ETH trading significantly below its record highs, the wallet still holds a substantial unrealized profit of $12.3 million based on current market prices.
ETH has turned out to be the crypto investors’ nightmare in 2025, as the Ethereum price doesn’t respect any support levels at the moment. Although Ethereum price has regained above the $1,500 support, it remains vulnerable to the current macro uncertainties.
The technical chart for ETH suggests that it is currently in a wait-and-watch setup. If the volatility around Trump tariffs curbs going ahead, Ethereum price could enter a period of consolidation before the next move.
$ETH has tested a major support level of $1500, always told you guys to be careful, if 2k breaks, $1.5k will be tested.
For now it’s wait and watch zone and I will be mostly looking for buy setups. Expecting some consolidation followed by some massive pumps. Let the price… pic.twitter.com/LECE71M2rS
— Crypto General 🧲 (@DaCryptoGeneral) April 7, 2025
On the other hand, prominent Bitcoin critic Peter Schiff has given a grim prediction for ETH, while expecting Ethereum price to drop under $1,000.
Ether crashed below $1,500 for the first time in over two years. So far the intraday low was just above $1,400, a 20% drop overnight. I don’t think it will be long before it breaks below $1,000.
— Peter Schiff (@PeterSchiff) April 7, 2025
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
