Ethereum ICO (Initial Coin Offering) whale is back to activity after being dormant for four months; the anonymous participant has transferred 3,000 ETH ($7.63M) to the Kraken exchange. The action has garnered the crypto community’s attention, leaving many to wonder about the next step of the whale.
Ethereum Whale’s Holdings and Historical Context
According to Spot On Chain, the whale currently has control of an impressive 37,070 ETH, roughly equivalent to $94.3M. The whale’s history in the crypto world is quite rich and goes back to the early days of Ethereum. During the genesis block of Ethereum in July 2015, this whale bought 254,908 ETH in the ICO phase at an initial rate of $0.31 per Ethereum. These ETH were equal to $79,000 back then, the same number of ETH today valued at $648M, proving beyond doubt the massive potential and profitability of early cryptocurrencies.
Recent Activity on Kraken
The recent activity on the whale’s account occurred only 23 minutes before the Spot On Chain report; the whale moved 3,000 ETH ($7.63M) to Kraken. The last activity of the whale spotted on the Kraken exchange was nearly four months back, and back then, it deposited 7,000 ETH, which approximated $17.8M at that time.
Market Speculations and Reactions
Whales or big holders greatly impact the market since they control most of the cryptocurrencies. Every time a whale buys or sells a large amount of Ethereum or any other cryptocurrency, it affects the liquidity and sometimes the cryptocurrency’s price on exchanges such as Kraken.
The return to active trading by this particular whale after he had been quiet for a while, market observers and analysts wonder the reason behind this deposit. Is the whale planning to sell? Is the market going to be shifted in the near future? Or is it part of the normal course of business to diversify assets or protect external investments? The crypto community continues to wait for any other massive transaction that would signify the whale’s actions.
This single whale is among those who put their confidence and investment in Ethereum from the ICO stage up to dominate the crypto market. With $94.3M of ETH, this whale can shake the market however it wants. The latest deposit on Kraken is another episode in this whale’s story, and many market observers and traders will be looking at what happens next.
