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Ancient Ethereum Whale Shifts $32 Million ETH to Major US Exchange: What’s Happening?

Mon, 3/06/2024 – 13:14

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It has come to our attention that an unidentified Ethereum ICO participant has transferred 8,518 ETH, equivalent to a value of $32.51 million, to the address of a major exchange located in the U.S., Kraken. The transfer was made in two tranches.

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What is known about this whale? Their address, “0x771,” continues to hold 14,644 ETH, which is equivalent to $55.91 million. During the ICO, this unknown large holder received 100,000 ETH when the price of the main altcoin was $0.311 – to address “0xc348.”

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Over the course of a year after the ICO in July 2015, he sold them. He then abruptly stopped and resumed activity again only three months ago, transferring 29,519 ETH to the address we know today. Since then, the unknown Ethereum address has transferred tokens to Kraken twice, one of which happened today.

Source: Arkham Intelligence

It is likely that this investor decided to lock in a profit on his tokens. Since the ICO, the price of the main altcoin has risen by 1,228,387%. This investor has accordingly earned a profit of $349.7 million on his 100,000 ETH, if he had not been selling them all along.

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Historically, such actions from whales have been viewed as bearish signals, often leading to increased market volatility. However, today the Ethereum price is up 0.8%, with the price only 7% away from its all-time high. It will be interesting to see how events unfold and whether this case will lead to more whales returning to the market.

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