- Early Ethereum ICO whales are actively selling off large portions of their ETH holdings.
- One whale sold 45,000 ETH in the past two weeks at an average price of $2,516.
- Dormant Ethereum wallets are reactivating, potentially signaling a broader trend among early investors.
The crypto world has been buzzing with a series of significant Ethereum (ETH) sales. Early ICO investors, also known as ETH whales, are making waves again. Recently, a whale who participated in the ETH ICO transferred 5,000 ETH, valued at $12.22 million, to the Kraken exchange. This move follows a string of similar sales by the same whale, totaling 45,000 ETH, or $113.2 million, in the past two weeks. These sales hint at a possible broader trend among ETH’s early investors.
Consistent Ethereum Sales from ICO Whale
The whale in question has been strategically selling off ETH since 2019. The first sale took place in July of that year, with the whale unloading 5,000 ETH at a price of $218 per token, earning $1.09 million. The pattern has continued over the years, with the whale making major transactions during ETH price spikes.
In June 2024, the whale sold 10,000 ETH for a staggering $35.39 million at a price of $3,539 per ETH. September and October 2024 have witnessed even more aggressive selling, with a total of 45,000 ETH offloaded at an average price of $2,516 per token. Despite these recent sales, the whale still holds a significant 94,540 ETH, valued at approximately $230.3 million. Additionally, the address has accumulated 4,540 ETH through staking platforms like Lido and Rocket Pool, showcasing the whale’s involvement in DeFi strategies.
This selling spree is not an isolated event. Another Ethereum ICO participant, who had been inactive for two years, also sent 10,000 ETH to Kraken in September 2024. The whale sold this Ethereum for $24.37 million at an average price of $2,437 per ETH. Despite the sale, the whale still holds 9,298 ETH, valued at $22.63 million. This wallet originally received 50,000 ETH during Ethereum’s ICO in 2015, paying just $15,500 for the entire stack. These moves suggest that other dormant whales may soon follow suit.
In August 2024, yet another early Ethereum investor moved 2,000 ETH that had been untouched since the Genesis block. This whale had held the ETH for over 3,000 days, and each token was initially worth just $0.31. As these large transactions occur, Ethereum’s early investors continue to influence market dynamics.
These moves by Ethereum’s early investors could have major implications for market sentiment and ETH’s future price direction. For now, all eyes are on the whales.
