One of the original Ethereum ICO investors has sent 2,000 ETH (around $8.55 million) to the crypto exchange Kraken. The decision is made when ETH is trading at a price of $4,250 after the asset showed a bullish momentum that has seen up to a 22% price increase within the past weeks.
Nansen on-chain data indicates that the whale first purchased 100,000 ETH during the Ethereum 2015 ICO for a total of only $31,100, which means the price per token was approximately $0.31.
This initial investment has given a more than 1.3 million percent increase to date.
Large Ethereum Holdings Still Intact
All the same, the whale retains a huge balance of 58,000 ETH, or around 247.86 million, spread over several wallets despite the recent transfer.
The recent 2,000 ETH transfer to Kraken is just a fraction of the total asset possession of the whale, and most of their long-standing holdings are not yet touched upon.
This is the same ICO wallet 0x2c…F0E99 to which a deposit address 0x815…c3eD is attached, which confirms the link to the first Ethereum fundraising.
Analysts and traders closely monitor these movements, because transfers to exchanges in large amounts may (but not always) hint that the asset is about to be sold or that a portfolio is being rebalanced.
Market Context and Possible Motives
The Ethereum bulls’ return and the steady buildup of its ecosystem, which has been propelling the Ethereum price to date, can affect the timing of this transfer.
At its current levels, which are within striking distance of yearly highs, with current momentum being very strong, early investors are positioned to cash in while still leaving plenty on the table on the upside.
Whale activity shall also be in the spotlight of traders as Ethereum inches closer to all-time highs of holding high value at 4,800.
The actions of early ICO participants, who hold large amounts of Ethereum at very low cost bases, are particularly significant in influencing market sentiment and liquidity.
