12,100 ETH Sent to Exchanges Amid Genesis Liquidation

Ethereum whales move large amounts of ETH tokens to crypto exchanges, triggering widespread selloff concerns.

In the past three days, two significant Ethereum whales have moved over $53.6 million worth of ETH to exchanges, creating a wave in the cryptocurrency market.

According to a recent disclosure from Spot on Chain, the transactions were conducted by entities tied to Ethereum’s initial coin offering (ICO) and Genesis Trading’s liquidation.

Ethereum ICO Whale Moves 8,510 ETH to Kraken After Months of Dormancy

One of the largest whale addresses associated with Ethereum’s 2015 initial coin offering (ICO) recently emerged from a three-month dormancy, making a large transaction. The whale, “0xb8c,” moved 8,510 ETH, worth $22.15 million, to Kraken.

This whale, a long-time Ethereum participant, still holds a staggering 130,000 ETH, worth around $343 million, across eight wallets. 

Genesis Creditor Transfers $31.45M in ETH to FalconX After Bankruptcy Payout

Another whale with the address “0x999,” believed to be tied to Genesis Trading’s bankruptcy distribution, has also been active. Over the past three days, this whale has moved 12,100 ETH, worth approximately $31.45 million, to FalconX, a leading institutional crypto exchange.

Spot On Chain noted that the address received 114,502 ETH ($358.19 million) on August 2 as part of the liquidation payout from Genesis Trading. This creditor is currently the largest recipient of ETH from the bankruptcy settlement.

The recent sale of 12,100 ETH marks a considerable liquidation of their holdings, although the whale still controls approximately 155,000 ETH, valued at $406 million.

Ethereum Whale Deposits 10,000 ETH to Kraken

Meanwhile, hours before Ethereum prices took another sharp dip, another whale moved 5,500 ETH, worth around $19.3 million, to Kraken.

This whale had previously received 150,000 ETH during the 2015 ICO for $0.31 per ETH, making the total investment just $46,600. With ETH now trading at considerably higher prices, the worth of these tokens have skyrocketed since 2015.

Over the past two days, this whale has transferred 10,000 ETH ($35.4 million) to Kraken, raising questions about the possibility of future liquidations. Notably, the whale still holds or stakes around 139,000 ETH worth $476 million across multiple wallets.