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In a jaw-dropping transaction, an Ethereum whale, known for their "diamond hand," recently transferred 15,000 ETH to the major crypto exchange Kraken. The move, which amounts to above $38 million at current market prices, has captured the attention of the crypto market.

The term "diamond hands" refers to crypto holders who resist selling their assets despite market volatility, showing a strong belief in the long-term potential of their holdings. In this case, the Ethereum whale, whose wallet holds a significant amount of ETH, surprised the market with the sizable transfer.

According to Lookonchain, the diamond-hand Ethereum whale deposited 15,000 ETH worth $38.4 million to Kraken ago some hours back.

Lookonchain noted that, in the last two deposits, the whale unloaded ETH right before the price dropped sharply, including 10,000 ETH worth $34.2 million on July 25, before a 7.6% price decrease, and then 15,000 ETH worth $39.7 million on Aug. 20, before a 2.5% price decline.

Currently, the whale holds 26,639 ETH worth $69.7 million with an estimated total profit of $132 million, representing an 86% return on the ETH investment.

Ethereum price action

Ethereum skyrocketed in the week that ended, after the Federal Reserve's long-awaited rate hike on Wednesday. The Fed announced a 50 basis point rate drop, whereas others expected a lower 25 basis point cut.

Ethereum, the second-largest cryptocurrency by market capitalization, has increased by over 6.39% during the last week. Despite continued investor withdrawals from recently launched Ethereum exchange-traded funds (ETFs), the ETH coin increased.

Ethereum rose for five days in a row after starting to rise last Tuesday. Ethereum's price reached a high of $2,632 on Sunday before encountering resistance.

At the time of writing, ETH was down 0.02% in the last 24 hours to $2,565 as the crypto market faced slight profit-taking after an immense rise in the week.