Ethereum Whale Returns, Buys $28M ETH On Kraken

A long-dormant Ethereum whale has reemerged, purchasing 6,334 ETH valued at $28.08 million from crypto exchange Kraken on Tuesday. The wallet had been inactive since 2021, making the transaction noteworthy as it comes during a steep market correction. Ethereum has dropped more than 13% since Sunday, sliding from above $5,000 to around $4,315.

The move, first reported by Cointelegraph citing analyst CryptoGoos, aligns with broader signs of accumulation across the market. On Monday, Bitstamp transferred 20,000 ETH to an unidentified wallet, while another whale staked an extraordinary $2.55 billion worth of ETH via Hyperliquid. Meanwhile, BitMine added $252 million in ETH during the past week, pushing its total holdings to 797,704 ETH valued at $3.7 billion.

These inflows point to renewed institutional confidence in Ethereum’s long-term outlook. Since August 21, spot Ethereum ETFs have attracted over $1 billion in net inflows, nearly offsetting earlier outflows of $925.7 million. Analysts say this turnaround may be the start of a sharp rebound.

Market commentator GalaxyBTC described the trend as shaping into a potential “V-shaped” recovery, similar to rebounds seen at previous cycle lows. Supporting this optimism, Geoffrey Kendrick of Standard Chartered forecasts that ETH could reach $7,500 by the end of 2025, provided institutional demand continues.

For now, traders are closely monitoring ETF flow data and whale activity for confirmation of sustained buying pressure, which could determine whether Ethereum can maintain momentum and reclaim higher levels.

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