Ethereum OG Deposits $20.4 Million to Kraken

An early Ethereum (ETH) adopter recently deposited 4,500 ETH (roughly $20.4 million) into the Kraken exchange.

Over the past four months, the wallet has sent a total of $23.4 million to various exchanges.

The sudden rush in activity comes after two years of inactivity amid the recent market moves.

Following the deposits, the wallet continues to hold a total of $13.8 million worth of ETH.

Ethereum’s ongoing rally

Earlier today, the price of ETH spiked to an intraday high of $4,610, reaching the highest level in weeks. This comes after the altcoin secured its best Q3 to date. According to Deribit, a break above the $4,600 level could eventually open a path toward $5,000. ETH came close to topping this level on Aug. 24 but ultimately fell short.

Strong institutional demand

Meanwhile, the flagship altcoin continues to enjoy impressive institutional demand.

Over the past week, it attracted a total of $1.29 billion worth of net flows.