Over $20 Million worth of ETH Moved from Kraken; DeFi Effect?

Two whales just moved 53,455 ETH from a crypto exchange Kraken. The move appears to be linked with the decentralized finance backed tokens’ increasing popularity. The move is a clear indication that whales are still lurking in the market waiting for the right moment to strike.

With DeFi backed tokens gaining popularity, focus has shifted to Ethereum and it native coin ETH. Of late, a lot of transaction on the Ethereum ecosystem is likely to be triggered by interest in the DeFi sphere.

Large ETH Amount Movement Suspected Headed for DeFi

About $20,921 million (53,455 ETH) has been moved from Kraken, a popular crypto exchange to an unknown wallet. According to a tweet by a crypto tracker Whales Alert, two transactions worth of ETH were carried out earlier today.

In the first tweet the Whale Alert says 28,528 ETH was transferred while the second tweet shows an additional 24,927 ETH. The total transaction totals to 53,455 ETH or $20,921 million. Speculations are high that the current DeFi backed token demand.

DeFi tokens ride on ERC-20 protocol since they make transactions fast. ERC-20 tokens are native Ethereum and the movement could be associated to decentralized finance (DeFi) applications most of which ride on the Ethereum network.

The Ethereum network is designed for DApps whilst deploying smart contracts. These features make transactions secure and locking out third parties. What’s more; the Ethereum ecosystem is decentralized ensuring there is no entry point for hackers.

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