ETH Whale Moves $90M to Kraken 💸

GM. This is Degen Scoop. It’s Tuesday, here are today’s stories:

• ETH Whale Moves $90M to Kraken 💸

• Crypto Funds on 10 Week Streak of Inflows 💰

• Brazil’s Largest Bank Adds Crypto Trading 💱

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

ETH Whale Moves $90M of Ethereum to Kraken

An early and large ETH holder, dormant for five years, moved nearly $90M worth of ETH to the exchange Kraken. The whale deposited 39,260 ETH to Kraken after receiving 47,260 ETH in a single 2017 transaction.

The address doesn't appear to be tied to the cold storage of any exchange, but one transaction may be connected to trading firm Cumberland. As noted by @lookonchain below, the whale would lock in a profit of $78M if they were to sell their ETH.

While moves inside an exchange are concealed, this is often the first step for users to sell their coins. Maybe the whale is reducing exposure into stables or diversifying into other coins as the bull heats up. Until more funds are brought on-chain, we remain in the dark.

Crypto Funds Continue 10-Week Streak of Fund Inflows

Last week marked a 10-week streak of crypto fund inflows at asset managers like CoinShares, Bitwise, Grayscale, ProShares, and 21Shares, reaching $176M. This streak is the longest since the launch of U.S. futures-based bitcoin ETF products in October 2021, making up 4% of the current $46.2B in assets under management.

Despite a 100% increase in assets for the year, they remain 47% below the 2021 all-time high of $86.6B. Bitcoin-based funds dominated inflows with $133 million, while ether products registered $31 million in inflows, bringing its five-week streak to $134 million.

The positive sentiment is attributed to the inevitable launch of spot bitcoin ETFs. Whether you like it or not, the prices continue to grind up until we get a final verdict in early January. TradFi investors are positioning themselves accordingly, have you?

Itaú Unibanco, Brazil’s Largest Bank, Adds Crypto Trading For Users

Brazil's largest bank, Itaú Unibanco, has launched a cryptocurrency trading service for its clients, starting with Bitcoin and Ethereum. While the SEC has yet to allow American investors to get access to cryptocurrency, the banks in other countries are allow people to acquire digital assets.

Itaú will act as the custodian, securing clients' crypto assets, with plans to expand its cryptocurrency offerings in the future. In the initial phase, clients won't be able to deposit or withdraw cryptocurrency using external wallets. Much like Robinhood or CEX trading, the tokens won’t be yours.

This move follows the expansion efforts of major Brazilian bank, a result of clear regulation, in preparation for the nationwide launch of the digital Brazilian real (Drex). The bank had previously introduced digital asset custody services, with significant client interest.

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.