A large whale believed to be an early Ethereum investor has been seen moving 6,369 ETH to the cryptocurrency exchange Kraken.

U.Today, a blockchain media outlet, reported on Oct. 14 that the stash is worth $15.95 million, or about 21.52 billion won. It said the holder bought the ether about nine years ago at around $14 each, or about 19,000 won.

The transfer comes as the cryptocurrency market has recently shown mixed moves. It drew attention because ether that had not moved for a long time has shifted again.

The unrealised gains are also sizable. Lookonchain, an on-chain analytics firm, said the unrealised gain versus the purchase cost is about $15.86 million. That implies a return of about 17,786 percent over nine years. The value of the holdings has risen about 179 times the initial investment.

Market attention is focused on whether the transfer is an actual sale or a simple reshuffling. Deposits to an exchange are typically seen as a signal that raises the likelihood of selling, but it has not been confirmed whether this move immediately led to market sales. The possibility also remains that the holder redistributed the holdings.

Ether trading below $2,500, seen as a key support level, is also a burden. If a large holding flows into an exchange in such a range, the supply of tradable ETH could increase. The transaction could add to a bearish signal for the asset, but it is still unclear what impact it will have on price moves.

The case shows that long-held assets can start moving again during periods of heightened market volatility. It also stands out that the scale of Ethereum's price rise, which made large gains possible through long-term holding alone, has been reaffirmed. Still, the market faces both concerns about rising supply and the possibility of profit-taking by long-term holders until an actual sale is confirmed.