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A participant in the Ethereum ICO has caught the market offguard by depositing 3,510 ETH, which is worth about $9.12 million, into Kraken. According to Lookonchain, this big move comes after the wallet was inactive for over two years.
Thus, the anonymous whale originally got an enormous 150,000 ETH, which they bought for just $46,500, during Ethereum's Genesis event amid initial coin offering. For instance, the value of this holding has now shot up to an estimated $389.7 million - a surge of over 838,064%.
Tomiwabold OlajideMeanwhile, another big Ethereum-related deal went down, as Spot On Chain says that wallet "0x999," which is thought to be linked to Genesis Trading and its bankruptcy distribution, moved 5,000 ETH worth around $12.9 million to FalconX, another digital asset broker.
This wallet still has a lot of ETH, about 162,000, which is currently worth over $423 million.
These moves by major Ethereum holders have the space wondering if there is going to be a lot of selling pressure on the market.
Common sense says that when large sums of cryptocurrency are deposited on exchanges, the intent is to sell, leveraging the liquidity available on such 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.
Interestingly, the price movement of Ethereum seems to be tracking that of Bitcoin, with periods of growth and decline, and not generating its own narrative with all these large dormant whales reappearances.
Yuri Molchan
Alex Dovbnya