- Ethereum ICO whale returns after more than 10 years, moving the entire 40,000 ETH directly into staking.
- Owner deployed 1,250 validators, locking approximately $120 million worth of ETH on the proof-of-stake network.
- Another large wallet transferred 10,176 ETH to Kraken, creating market concern over potential future sell pressure.
Ethereum experienced the comeback of a previous ICO investor, who last appeared more than 10 years ago, with the Ethereum wallet moving its entire 40,000 ETH to staking, as opposed to sending it to an exchange.
According to Lookonchain data, the heavily inactive address, which initially received its ETH deposits in Ethereum’s ICO back in 2014, suddenly roared back to life, sending its entire ETH hoard to a new address. Thereafter, the ETH was sent in multiples of 32 units into the entry point, the ‘Beacon Deposit Contract,’ for running ETH validators.
With a total of 40,000 ETH, worth approximately $120 million, the owner launched 1,250 validators, locking their ETH in the Ethereum proof-of-stake network. Such a move is a display of their commitment, as there’s no likelihood of selling the ETH on any exchange.
This move is particularly noteworthy as some large ETH holders lately sent large sums to Kraken, causing concern over sell pressure.
Whale Sends 10,176 Ethereum To Kraken
In a further move, a large Ethereum investor transferred 10,176 ETH (valued at approximately $28.7 million) to Kraken, shutting down a large stETH position.
Tracked for approximately five years, this wallet, coded ‘Token Millionaire,’ redeemed its staked ETH for regular ETH before sending two large deposits to the exchange. This wallet also withdrew over 21,000 ETH in 2019, which they have been slowly exchanging back towards the exchanges over the years.
This recent acquisition represents a totally different dynamic with regard to the amount of the older portfolio that is being entered back into circulation.
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Ethereum Breaks Major Resistance Zones
Ethereum’s price was showing increasing strength as it broke through two strong resistance levels. Firstly, this was seen when ETH broke through the resistance zone of $3,000-$3,100, and more significantly, as it broke through the resistance zone of $3,600-$3,700.
Charts indicate that ETH established a strong base at approximately $2,650, where buyers supported the ETH throughout. After the breach through the top regions, the candles began moving higher with minimal pause, indicating that the ETH received a strong push in the market.
Analyst Gordon pointed out that Ethereum has broken through the last major resistance points on the daily chart. Now that those resistance points are behind ETH, the path is open ahead, though a cooling off or brief retracement might occur after such a rapid move.
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