Ethereum ICO Wallets Deposit 3,631 ETH to Kraken Just Before Ether ETF Approval

by

As an experienced crypto analyst with a deep understanding of Ethereum’s market dynamics and on-chain data, I find the recent activity from Ethereum Foundation and ICO-related wallets quite intriguing. With the imminent approval of the spot Ethereum ETF just around the corner, these large Ethereum whales have begun making significant moves to crypto exchanges like Kraken.

With the imminent approval of an Ethereum ETF, large Ethereum investors or “whales” have become active, transferring significant amounts of Ethereum between exchanges. According to on-chain information, two Etherean wallets from the ICO era have collectively sent 3,631 ETH to Kraken.

Ethereum ICO Wallets Make Huge Deposits

Expert: Spot On Chain, a data provider specializing in on-chain transactions, has reported significant activity from Ethereum Foundation and ICO associated wallets. In the past two days, these wallets have transferred a combined total of 3,631 Ether, equivalent to around $12.5 million, to the cryptocurrency exchange Kraken.

Based on my extensive experience in the cryptocurrency world, I can tell you that the wallet identified as 0xdb3 recently transferred out a significant amount of Ethereum – specifically, 2,631 ETH, which is equivalent to approximately $9.01 million at current prices. This is a considerable sum, and it’s worth noting that historically, this wallet has been the recipient of Ethereum from two notable sources: the Ethereum Foundation and an ICO participant with the identifier 0xAb0.

It’s intriguing that in the last month, starting from June 8, approximately 17,886 ETH worth around $65 million has been transferred into several centralized exchanges by wallet 0xdb3.

Wallet 0xbf5 recently transferred 1,000 Ether, equivalent to approximately $3.46 million, to another account. This wallet initially obtained its Ethereum from ICO participant 0x510, who had purchased a large sum of 100,000 Ether during the Genesis event in 2015.

According to Spot on Chain’s report, a Ethereum wallet in question presently controls approximately 49,000 Ether (ETH), which translates to an impressive value of around $171 million, distributed among four distinct wallets.

Over the past two days, two Ethereum Foundation or ICO associated wallets transferred a total of 3,631 ETH, equivalent to approximately $12.5 million, to Kraken exchange as the Ethereum market recovered.
1️⃣ Wallet 0xdb3 unloaded 2,631 $ETH ($9.01M).
• It received $ETH from the Ethereum Foundation and Ethereum ICO participant 0xAb0.
• Since June 8,…
— Spot On Chain (@spotonchain) July 17, 2024

Ether ETF Approval Sparks Excitement

Enthusiasts of the cryptocurrency market are eagerly anticipating the upcoming approval of the Ethereum spot ETF, slated for July 23rd. The value of Ethereum has surged towards $3,500 in response to this upcoming event. According to Kaiko’s data, the volatility of Ethereum’s short-term contracts has noticeably increased. Analysts believe that the Ethereum price surge could reach as high as $4,500 before the ETF approval is finalized.

Over the weekend $ETH implied volatility spiked on near term contracts.
— Kaiko (@KaikoData) July 16, 2024

The Kaiko Research report predicted that Ethereum (ETH) would surpass Bitcoin‘s performance in the market right after the ETH exchange-traded fund (ETF) received approval.

As an analyst, I would advise investors that they may encounter some price fluctuations in Ethereum leading up to the SEC’s decision on approving the ETFs for trading. It’s important to note that prior to Ethereum experiencing a significant bull market, there exists a chance of a “sell the news” event occurring, where investors might choose to sell their holdings following the positive announcement in order to secure profits.

Read More

2024-07-17 07:04