As a seasoned crypto investor with a knack for spotting market trends and a portfolio that includes a hefty amount of Ethereum, I must admit, these recent moves by major ETH holders have piqued my curiosity. The reawakening of dormant whales after two long years has the entire space buzzing about potential selling pressure.
As a researcher delving into the intricacies of the cryptocurrency market, I’ve taken notice of an unexpected development: A participant in the Ethereum Initial Coin Offering (ICO) has stirred up some surprise by transferring 3,510 ETH, approximately equivalent to $9.12 million, into Kraken. According to Lookonchain, this significant transaction follows a period of over two years where the associated wallet appeared dormant.
Initially, I obtained a substantial sum of 150,000 ETH during Ethereum’s Genesis event, which cost me only around $46,500 during the initial coin offering. Remarkably, the value of this investment has soared to an estimated $389.7 million – a staggering increase of over 838,064%.
In the meantime, there was another significant transaction involving Ethereum, as Spot On Chain reported that wallet “0x999,” believed to be connected to Genesis Trading and its bankruptcy distribution process, transferred approximately 5,000 ETH, equivalent to around $12.9 million, to FalconX, a different digital asset brokerage firm.
This wallet still has a lot of ETH, about 162,000, which is currently worth over $423 million.
The actions taken by significant Ethereum owners are sparking speculation about whether there could be substantial selling pressure in the market ahead.
It’s often assumed that when significant amounts of cryptocurrency are stored in exchanges, it’s likely because the owners plan to sell their holdings, taking advantage of the market liquidity offered by these trading platforms.
Ethereum (ETH) price outlook
Despite this, the price of Ethereum has kept going up. ETH is currently up 2.4%, trading at around $2,642.
It’s intriguing to note that Ethereum’s price fluctuations appear to mirror those of Bitcoin, exhibiting similar patterns of increase and decrease. However, it’s not creating its unique storyline, given the recurring appearances of large inactive whale accounts.
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2024-09-23 12:19