On February 24, data monitored by OnchainLens showed that a whale address labeled '0x257' completed a significant transaction by transferring all of its 6,983 ETH (worth about $13.51 million) to Kraken exchange, ending a holding period of more than two years.
This move has sparked widespread speculation within the crypto community. The holding period indicates the owner was not a short-term speculator, and the sudden sell-off might reflect a reassessment of market prospects.
Notably, the address's on-chain history shows a consistently cautious investment style, with no participation in high-risk trading activities. Whether this transaction signals a larger market adjustment remains to be seen.
Transferring assets to an exchange often suggests they may soon enter circulation, and analysts have warned investors to be mindful of potential price volatility.