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In a surprising turn of events, a whale from Ethereum’s initial coin offering (ICO) era has resurfaced after more than six months of inactivity.
A wallet that participated in Ethereum’s ICO in 2015 and acquired 254,900 ETH at an ICO price of $0.311 per token transferred 7,000 ETH, equivalent to $24.28 million, to the Kraken exchange today.
This transaction marks the end of a 209-day silence from this notable holder, who still holds onto a substantial 40,000 ETH valued at around $139.5 million.
The whale’s movements have caught the attention of the cryptocurrency community, not only because of the size of the holdings, but also because of the potential market implications.
Large trades made by these early adopters can influence market sentiment and price dynamics, especially when the transfer is made to a major exchange like Kraken. It is often (but not always) the case that someone transfers to an exchange because they are selling or preparing for new trading activity.
At the same time, another major transaction involving the U.S. government surfaced.
According to blockchain analytics platform Arkham, one of the US Government Portfolios transferred 3,375 ETH, worth approximately $11.75 million, to an unknown address, 0x5a…1871, earlier today.
This address is known to contain funds seized from Estonian crypto entrepreneurs Sergei Potapenko and Ivan Turogin, who were involved in a corruption case. High-profile cryptocurrency fraud case.
The transfer of such a massive amount of ETH through a government-held address raises intriguing questions about the potential uses of these funds.
This decision follows a previous one transaction where another US government address transferred 11.84 BTC to the address 3KHnTq…muuso9, indicating a pattern of strategic fund management or liquidation by authorities.
The timing of this transfer has sparked speculation within the crypto community.
Some analysts suggest it could be a sign of profit-taking, while others see it as a potential redistribution of assets or a injection of liquidity into the market.
As private whales and government entities maneuver large sums of digital assets, the potential impacts on market liquidity, price stability, and overall sentiment are significant.
Edited by Stacy Elliott.
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