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A whale address known as “pinosaur.eth” deposited 9,618 ETH worth $24.58 million into Kraken about six hours ago after holding the assets for about nine years, EmberCN reported. Exchange deposits are generally interpreted as a sign of potential selling.
The address previously withdrew 7,459 ETH from Bitfinex in April 2017, when ETH was trading at around $50. If the whale sold the holdings, the realized profit would be estimated at about $24.21 million, or roughly 65 times the initial investment, according to EmberCN.