Ethereum ICO whales are selling large amounts of their holdings, with one recently transferring thousands of ETH tokens to crypto exchange Kraken.
An Ethereum whale, who participated in the initial coin offering (ICO), has been making notable moves recently, transferring another 5,000 ETH, valued at $12.22 million, to Kraken just hours ago.
This transaction adds to a string of similar moves by the whale, who has sold 45,000 ETH ($113.2 million) in the past two weeks at an average price of $2,516. Since the ICO, the whale has now sold a total of 60,000 ETH for $149.68 million, making incremental sales over the years.
The #Ethereum ICO participant with 150K $ETH(the ICO cost was $46.5K) continued to sell 5K $ETH($12.22M) 4 hours ago!
Since Sept 22, this whale has sold 45K $ETH($113.2M) at $2,516 and currently holds 94.5K $ETH($230.2M).https://t.co/NA6nFmFsTL pic.twitter.com/rEKUdzXBIC
— Lookonchain (@lookonchain) October 8, 2024
Consistent Sales from ICO Whale
The whale’s ETH transactions span several years, with the first sale occurring in July 2019, when it dumped 5,000 ETH for $1.09 million at $218 per coin. A more recent transaction in June 2024 saw the whale sell 10,000 ETH for $35.39 million, capitalizing on a price of $3,539 per token.
September and October 2024 witnessed more aggressive selling, with 45,000 ETH sold at an average price of $2,516. Following the latest sale, the whale now holds 94,540 ETH valued at $230.3 million. Of note, the address has earned an additional 4,540 ETH through staking platforms like Lido and Rocket Pool.
Other ICO Wallets Selling Off
This selling activity is not isolated, as another Ethereum ICO participant deposited 10,000 ETH to Kraken in September, marking the end of a two-year dormancy. Blockchain data revealed the whale had sold this Ethereum for $24.37 million at an average price of $2,437 per ETH.
After the transaction, the wallet still held 9,298 ETH, valued at $22.63 million. This whale also participated in Ethereum’s ICO nine years ago, originally receiving 50,000 ETH for a mere $15,500 in 2015.
Dormant Whales Resurface
In another instance, a whale who had been inactive for over nine years recently moved their assets. This address, which received 2,000 ETH from Ethereum’s Genesis block, remained untouched for over 3,000 days.
The whale’s wallet showed movement in August 2024, when the 2,000 ETH—initially valued at just $0.31 per ETH—moved to three separate addresses. These transactions demonstrate ongoing activity from Ethereum’s early investors, often surfacing after long periods of dormancy.
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Source: https://thecryptobasic.com/2024/10/08/ethereum-ico-whale-sends-5000-eth-to-kraken-amid-active-sales/?utm_source=rss&utm_medium=rss&utm_campaign=ethereum-ico-whale-sends-5000-eth-to-kraken-amid-active-sales