Large-scale Ethereum holder realized a gain of $8.97 million following a deposit onto Kraken exchange.

In the world of cryptocurrency, the Ethereum market is currently experiencing high volatility, with big whale moves, heavy betting with leverage, and sudden liquidations creating a tumultuous environment.

One of the most significant developments has been the recent activity of the Ethereum ICO whale, who has been inactive since February 2022. This whale, who originally received 1 million ETH during the ICO, has transferred approximately 646 million USD worth of Ether and still holds 105,000 ETH valued at 451 million USD in two of their wallets.

The whale has also made some bold moves, initiating a 25x leveraged Bitcoin short position, valued at $122.6 million. This action, along with the whale's Ethereum transactions, has created opportunities for profit but also poses significant risks.

The Ethereum market's volatility is noteworthy, with big swings occurring frequently. Over the last day, $23.98 million came from long liquidations, and $8.88 million from short liquidations, totaling approximately $32.86 million in liquidations. The losses in liquidations are severe, reaching $237.29 million.

Short positions slightly dominate, totaling $4.78 billion, or 52.86% of the total open positions, which are currently at $9.04 billion. This imbalance is reflected in the funding fees, with short traders earning $138.86 million, while long traders paid $39.46 million, showing stronger pressure from bearish bets.

However, not all traders are bearish. OKX shows a bullish sentiment with a ratio of 2.3, and among top traders on Binance, the ETH/USDT long-to-short ratio climbs to 3.07, suggesting a high level of optimism. Even a whale with a 15x ETH long position managed to make a profit, despite experiencing a $35.39 million loss during the four-hour span when most of the liquidations occurred.

Another interesting development is the whale who deposited 2,074 ETH, worth approximately $8.97 million, into Kraken, making a profit of $6.07 million.

In conclusion, the Ethereum market is a rollercoaster ride for traders, offering potential profits but also significant risks. It's essential for investors to stay informed and make informed decisions.

Large-scale Ethereum holder realized a gain of $8.97 million following a deposit onto Kraken exchange.