ETH Millionaire Wallet Transfers $578,720 to Kraken, Ethereum Exchange Supply Ratio Surges 25%

A dormant Ethereum wallet, labeled "ETH Millionaire," has reemerged with significant on-chain activity after a two-year hiatus. This wallet transferred 238 ETH, valued at approximately $578,720, to the cryptocurrency exchange Kraken. This move has sparked renewed discussions about the behavior of dormant whales and their potential impact on the market.

Historical data from this address reveals a pattern of large outflows to Kraken, including previous transactions of 125.6 ETH and 126.8 ETH. These transactions, combined, exceeded $500,000, indicating a consistent trend of exiting positions into exchanges. Additionally, the wallet had previously transferred 149 ETH to a high-balance address and 100 ETH to another wallet, both transactions occurring two years ago. The original funding of this wallet came from a reseller test address a decade ago, which initially held 1.9 ETH, now worth approximately $1,250.

Meanwhile, Ethereum's exchange supply ratio on Binance has seen a sharp increase from early May through July. This ratio surged from 0.032 to over 0.040, indicating strong inflows into the exchange. This upward trajectory in the exchange supply ratio coincided with a significant price spike in Ethereum, which rose from $1,800 to nearly $4,000 before stabilizing around $3,500. These synchronized movements began after a two-month consolidation phase that ended in April, suggesting renewed buying pressure driven by increased trading activity or profit-taking strategies.

The correlation between the rising exchange ratio and Ethereum’s recent price breakout underscores stronger exchange-driven participation. While accumulation had dominated the earlier part of the year, May marked a clear shift in behavior. Binance now shows sustained elevated ETH supply, often interpreted as traders preparing for near-term exits or increased leverage exposure. Although the price has cooled from recent highs, exchange ratios remain elevated, signaling persistent short-term positioning.

The sudden activity of the ETH Millionaire wallet adds another dimension to Ethereum’s short-term outlook. The resurfacing of this whale aligns with broader market trends of liquidity rotation into exchanges, further confirming aggressive positioning across major addresses. This behavior suggests a shift toward short-term positioning and liquidity moves, which could have implications for market stability and future price movements.