According to Lookonchain, two newly created wallets withdrew a total of 4,838 ETH, valued at $13 million, from Kraken six hours ago (source: Lookonchain on Twitter, May 28, 2025). Large-scale Ethereum withdrawals to fresh wallets often indicate accumulation by whales or institutions, suggesting potential bullish sentiment or preparation for off-exchange activity. This move could reduce immediate exchange supply, which is a factor traders watch for potential upward price pressure in the ETH spot market. Monitoring these wallet activities can provide signals for short-term trading decisions and highlight ongoing trends in Ethereum whale accumulation.

According to Lookonchain, eight newly created wallets collectively withdrew 105,736 ETH, worth approximately $262 million, from Kraken shortly after Jeffrey Wilcke's significant ETH deposit. This on-chain activity suggests that Wilcke may not have intended to sell his ETH holdings but rather transferred them to new wallets, indicating potential long-term holding strategies rather than immediate selling pressure. Traders should monitor these large ETH movements, as such whale actions can impact market liquidity and short-term Ethereum price volatility. Source: Lookonchain (@lookonchain, May 20, 2025).