Ethereum Whale Makes Bold $9M Move to Kraken
After two years of dormancy, an Ethereum Initial Coin Offering (ICO) participant has returned to action. This early investor, who received 150,000 ETH at Ethereums Genesis block, moved a portion of their holdings. Initially, the ICO participants investment was just $46,500, but today, their portfolio is worth an astounding $389.7 million. Recently, 3,510 ETH, valued at $9.12 million, was transferred to the Kraken exchange, as noted by Lookonchain.
A closer look reveals the participants portfolio still holds 11,489.99 ETH, valued at $30.6 million. Alongside the Ether, their wallet contains 16 different tokens. Before this recent transfer, the last activity came over two years ago, when the investor received three transfers of 5,000 ETH each from another wallet. The participants re-emergence has reignited curiosity about long-term Ethereum holders and their impact on the market.
Ethereum Foundations ETH Sales Continue
While individual whale movements are rare, the Ethereum Foundation maintains a more active trading rhythm. On September 21, the Foundation sold 300 ETH for around $763,000, at an average price of $2,543 per ETH. The trade converted ETH to the stablecoin DAI. This was not an isolated event, as the Foundation has consistently liquidated ETH in recent weeks.
Earlier in September, two separate ETH sales were recorded, valued at $226,868 and $1.029 million. Since the beginning of the month, the Foundation has sold 950 ETH, worth about $2.27 million. These sales follow a regular cycle, occurring every four to seven days.
Such regular liquidations by the Ethereum Foundation draw attention from market observers. The consistency of these transactions may signal strategic portfolio adjustments or operational funding decisions. Given the Foundations considerable ETH holdings, these sales, though modest relative to the total supply, can still influence market sentiment.
In addition to direct sales, notable Ethereum transfers have been spotted involving a multi-signature wallet linked to the Foundation. On September 6, during a period of Ethereum price decline, 1,000 ETHworth about $2.38 millionwas transferred to this wallet. At the time, the wallet held 1,678 ETH, with a value of $3.98 million, and 32 different tokens totaling $98,755.
The timing of these transfers, particularly during price dips, raises questions about the intent behind such movements. Are they intended for operational needs, or could they be strategic, aligning with price lows for better value extraction?
As Ethereum approaches key market events, these moves by early investors and the Foundation highlight the complex dynamics shaping the future of ETH. With the participants recent transfer and the Foundations consistent sales, Ethereum remains at the center of crypto market attention.
Read more: https://www.tronweekly.com/ethereum-whale-makes-bold-9m-move-to-kraken/
Text source: TronWeekly
