In the fast-paced world of cryptocurrency, big moves by major holders—often called "whales"—can send ripples through the market. Recently, a tweet from Onchain Lens highlighted just such an event: two Ethereum wallets that had been quiet for four years suddenly deposited a combined 1,800 ETH, valued at about $8.15 million, into the popular exchange Kraken.

For those new to the space, Ethereum (ETH) is the second-largest cryptocurrency by market cap, powering a vast ecosystem including decentralized finance (DeFi), NFTs, and yes, meme tokens. Wallets like these, holding large amounts of ETH, are watched closely because their actions can hint at broader market trends.

Breaking Down the Deposits

According to the on-chain data shared by Onchain Lens, sourced from Nansen, the two wallets involved are:

• Wallet 0xeA4 (full address: 0xea4707cb7b10e8c3a7d2ff1d7f8382b64ec592f18): This one deposited 1,000 ETH, worth around $4.54 million, and reportedly locked in a profit of $10.4 million.
• Wallet 0x3Ec (full address: 0x3ecf6f35457f036960f0816587188452fe596a63): This wallet sent 800 ETH, valued at $3.6 million, with a profit of $1.04 million.

Both wallets still hold a substantial 1,828 ETH combined, worth about $8.28 million at current prices (around $4,540 per ETH as of October 2025).

These deposits come after the wallets received ETH from Kraken's hot wallets four years ago, suggesting they might be long-term holders cashing out part of their stacks. The recent transactions include sends to Kraken's deposit addresses, which could indicate preparations to sell or trade.

The screenshot above, from the tweet, shows the activity for the 0xeA4 wallet—labeled as "ETH Millionaire." It highlights a recent send of 1,000 ETH to Kraken, along with older interactions like small sends to services like ChangeNOW and initial receives from Kraken.

Similarly, this image details the 0x3Ec wallet's moves, including the 800 ETH deposit just hours ago and prior receives from Kraken.

Calculating the Profits: A Quick Explainer

The profits mentioned—$10.4 million for the first wallet and $1.04 million for the second—likely refer to the gains realized on the deposited amounts based on their original acquisition costs. Four years ago, in October 2021, ETH was trading around $3,500 to $4,000, but these wallets might have acquired their holdings even earlier or through other means. On-chain analysis tools like Nansen help track these metrics by estimating cost basis from historical inflows.

Depositing to an exchange like Kraken often signals intent to sell, as it allows for easy conversion to fiat or other assets. However, it could also be for staking, trading, or even moving to a more secure setup.

Why This Matters for the Market

Whale deposits like these can influence market sentiment. In a bullish environment, they might be seen as profit-taking after a price run-up. Conversely, in bearish times, they could amplify fears of a sell-off. With ETH's price hovering around $4,500 in October 2025, this move comes amid ongoing developments in Ethereum's ecosystem, such as upgrades improving scalability—which directly benefits meme tokens built on the network.

Speaking of meme tokens, while these wallets appear to hold primarily ETH (no other tokens noted in their histories), large ETH movements can indirectly impact the meme coin space. More liquidity on exchanges like Kraken could mean increased trading volume for ETH-based memes, potentially leading to volatility. For blockchain practitioners and meme enthusiasts, keeping an eye on such on-chain signals is key to staying ahead.

Recent Similar Events

This isn't an isolated incident. Recent web reports show similar whale activities:

• An early Ethereum adopter deposited $20.4 million in ETH to Kraken after two years of dormancy, as noted in this article.
• New wallets have received large ETH transfers from Kraken, like 26,029 ETH ($116.8 million) just days ago, per ChainCatcher.

These patterns suggest heightened activity among big players, possibly in response to market conditions or upcoming events.

What Can We Learn?

For anyone building or trading in the blockchain space, tools like Nansen and Etherscan are invaluable for decoding these moves. If you're into meme tokens, remember that ETH's stability underpins much of the fun—volatility in base assets can cascade to your favorite dog or cat coins.

Stay tuned to on-chain analysts like Onchain Lens for more insights. What do you think this deposit signals? Bullish rotation or cautious cash-out? Drop your thoughts in the comments below.