Spotonchain analytics account on the X social media network has spotted a giant amount of Ethereum deposited by a mega Ethereum whale to major U.S.-based crypto exchange Kraken.

Overall, this whale is known to make large ETH sales every time the price begins to plummet. Data shared by Spotonchain shows that this holder sold large amounts of ETH last year and in 2023 too.

Giant whale unloads 20,000 ETH as price drops 12.58%

The aforementioned data source revealed that the giant Ethereum holder deposited a massive 20,000 ETH to Kraken. That amount of Ethereum was worth roughly $32.4 million at the time of the initiated transaction.

This whale still holds an impressive 30,874 ETH valued at approximately $50.7 million. Currently, he is sitting on an estimated total profit of $104 million (a 52.4% increase).

According to the same source, earlier this year, in mid-January, the whale transferred 20,000 ETH to Kraken as well, but back then, this ETH chunk was valued at $67.5 million.

Between Sept. 1 and 9, 2022, this investor accumulated 120,874 ETH worth roughly $199 million back then, and since that time, he has been gradually dumping this ETH at roughly 20,000 ETH each time a major price plunge has taken place.

However, while this whale has been dumping, apparently, showing a bearish attitude toward the long-term prospects, other market players are accumulating ETH.

Mysterious whale grabs 15,953 ETH

Meanwhile, another source of on-chain data on the X platform, @lookonchain, has reported that an unknown whale (which could be a financial institution, it pointed out) has accumulated an impressive 15,953 ETH worth slightly more than $26 million.

@lookonchain shared that this purchase was made using six wallets, which likely belong to the same whale. The purchase was made on the OKX exchange. What happened next was that the whale transferred this Ethereum to Aave to borrow 15.4 million USDT. After that, the stablecoins were deposited to OKX again.

Over the past week, the second-largest cryptocurrency, Ethereum, lost 12.58%, falling from the $1,811 local high and landing at $1,883 on Sunday. At press time, ETH is changing hands at $1,640 after demonstrating a 3.5% increase over the past 24 hours. Since Saturday, ETH has surged by 6.16%.