A wallet sent 3,000 ETH to a Kraken deposit address on Oct. 22, according to onchain data. Lookonchain valued the ETH at $7.23 million, about 128 times its roughly $56,480 value when it left Gemini around nine years earlier. The transfer to Kraken does not establish that the ETH was sold or that the gain was realized.
Analyst Ai Yi linked the wallet to another with a similar history and estimated that, if both belong to the same entity, their owner has sold about 6,000 ETH since August 2025 for roughly $15.85 million. The report also notes outflows from spot ether ETFs, Bitmine’s stated plan to stop buying ETH once it holds 5% of supply, and a Bitwise report showing a record 43.8 million ETH staked. It does not establish that those conditions prompted the transfer.
