Dormant whale deposits $3.11M in ETH into Kraken after seven years

After seven years of dormancy, a whale address deposited 2,000 ETH ($3.11 million) into the cryptocurrency exchange Kraken five hours ago, according to Lookonchain on X. The address originally acquired 10,000 ETH for $3.52 million at a price of $352 per ETH in November 2017. Deposits to exchanges are generally seen as an indication of intent to sell, while withdrawals often signal a holding strategy. However, not all deposits to exchanges result in sales.