A massive Ethereum (ETH) whale has once again made headlines after depositing 20,000 ETH, worth approximately $32.4 million, to the U.S.-based crypto exchange Kraken, according to Spotonchain. This whale, known for offloading large ETH holdings during price downturns, has followed a familiar pattern. The recent transaction aligns with a 12.58% drop in ETH’s value over the past week, falling from a local high of $1,811 to $1,640 at the time of writing.

Spotonchain data reveals this whale has been strategically selling 20,000 ETH tranches during major dips since acquiring 120,874 ETH—worth $199 million at the time—between September 1–9, 2022. A similar sell-off occurred in mid-January 2025, when the whale transferred 20,000 ETH valued at $67.5 million to Kraken. Despite the recent sale, the whale still holds 30,874 ETH, valued at roughly $50.7 million, and sits on an estimated total profit of $104 million, representing a 52.4% gain.

While this prominent whale appears bearish, on-chain data from @lookonchain highlights bullish sentiment elsewhere. A mysterious buyer, possibly an institution, accumulated 15,953 ETH—worth over $26 million—using six wallets via the OKX exchange. The buyer later moved the ETH to Aave to borrow 15.4 million USDT, which was subsequently redeposited to OKX.

Despite ETH’s sharp decline last week, the asset has rebounded 6.16% since Saturday and 3.5% in the past 24 hours. Market watchers remain divided on ETH’s next move, but the contrast between large-scale dumping and accumulation signals mixed sentiment among major holders. As Ethereum volatility persists, whale movements continue to play a critical role in shaping short-term market trends.