Cryptocurrency enthusiasts are once again intrigued by the activity of a dormant Ethereum wallet that moved a significant sum to Kraken. Additionally, the ETH exchange ratio on Binance is also showing a sharp increase.
Dormant Wallet Resurfaces With $578K Transfer
A wallet known as 'ETH Millionaire' transferred 238 ETH, worth $578.72K, to the Kraken exchange. This address had been inactive for two years, reigniting discussions around dormant whale behavior. Historical data shows that this wallet has previously made large outflows to Kraken, including transfers of 125.6 ETH and 126.8 ETH, amounting to over $500K.
Sharp Rise in ETH Exchange Ratio on Binance
According to reports, Ethereum's exchange supply ratio on Binance has significantly increased from early May to July, rising from 0.032 to over 0.040. This has coincided with a sharp increase in Ethereum's price, which spiked from $1.8K to nearly $4K before settling around $3.5K. These movements followed a two-month consolidation phase ending in April.
Signals of Strong Market Positioning
The correlation between the rising exchange ratio and Ethereum's recent price breakout indicates stronger market participation driven by exchanges. While accumulation had dominated earlier in the year, May marked a clear shift in trader behavior. Binance shows sustained high ETH supply, often interpreted as caution for traders preparing for near-term exits or increased risk exposure.
The sudden activity of the 'ETH Millionaire' and high exchange ratios on exchanges underscore the changing behavior within the crypto market, suggesting aggressive liquidity strategies among major wallets.
