An Ethereum ICO whale is transferring a significant amount of Ethereum to crypto exchange Kraken, sparking speculation about a possible dump.
In today’s Ethereum newstransferred a whale wallet 4,160 ETH worth $14.5 million to a crypto exchange for a possible sale. According to SpotOnChain, the address transferred millions of dollars worth of Ethereum on Christmas Day.
Transaction details
The transaction took place on December 25th at 9:20 p.m. (UTC) between the Ethereum whale wallet and Kraken. Specifically, the address “0x55df” moved 4,162 ETH ($14.5 million) to “0x54d6,” a Kraken deposit wallet.
SpotOnChain bound the sending wallet to an Ethereum Initial Coin Offering (ICO) participant who had received 20,000 ETH at the time of the event. Notably, the whale purchased the Ethereum supply during the 2015 offering for $0.31 per coin, for a total value of $6,200.
Although the whale staked the Ethereum it received at the time, it usually dumps the asset during local peaks to make some profit. For comparison, the data shows that when Ethereum reached $4,000 on December 4, whale wallets sold 2,719 ETH (then $10.1 million).
The Ethereum ICO participant also sold some of them on October 31 and September 28, releasing a total of 60 ETH ($158,000) on those days. Meanwhile, the whale still holds 7,043 ETH worth $24.6 million, which is currently being staked to earn rewards.
Incoming price correction?
SpotOnChain noted that Ethereum ICO wallets have historically sold at local market peaks. This suggests that the wallet is expecting another correction for the altcoin king.
In addition, the turnover of ICO participants has recently decreased compared to the incessant decline…
