Ethereum
Ethereum ICO participants transfer 9,518 ETH: impact on the future market?
An old Ethereum (ETH) investor transferred 9,518 ETH, valued at approximately $36.33 million, to Kraken. This event raised eyebrows among
Ethereum Whalesalthough the volume must be greater to influence the market.
Former Ethereum whales are gradually cashing out
Ethereum transfer comes from initial coin offering (ICO) of the cryptocurrency, where the purchase price was only $0.31 per ETH. According to Look On-Chain, a leading blockchain analytics firm, this transfer is part of a larger stake purchased during Ethereum’s genesis.
Investors initially purchased 200,000 ETH for $62,000, now valued at approximately $767 million. Despite the substantial potential impact, the recent sell-off is only a fraction of that amount, suggesting investors are gradually cashing out.
Additionally, transfer activity does not appear to be causing concern in the market. Historical data shows that these whales have engaged in similar activities during past market cycles, balancing accumulation and profit-taking based on market conditions.
ETH Price Sees Minor Drop Amid Whale Activity
In related developments, another Ethereum whale is actively managing a substantial wallet. After profiting $76.6 million on his previous investments, this investor withdrew 7,000 ETH from Binance, valued at $26.7 million, and is re-entering the market to accumulate more tokens. This activity aligns with their strategy of buying during dips and selling when the market peaks, demonstrating a deep understanding of market dynamics.
The activities of these whales are key to understanding market sentiments and potential changes. Although individual transactions do not directly influence market prices, they provide insight into the behavior and strategies of large holders, which can signal broader market trends.
Since the latest updates, Ethereum is under slight bearish pressure, trading at $3,786 after a slight decline of 0.20%. The volume of trade for ETH surged by 37.61% to $14.01 billion, indicating growing interest that could soon translate into bullish momentum. The price fluctuated between $3,752.41 and $3,848.60 in the last 24 hours. This increase in trading volume amid whale activity suggests that more investors are reacting to these large transfers, potentially preparing for a market move.
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