Crypto market dynamics are often influenced by major transactions. Recently, an investor who participated in the Ethereum ICO in 2014 created quite a stir by transferring a colossal amount of ETH to Kraken. Should we be worried?
Ethereum whale transfers $9.96M worth of ETH to Kraken
The Ethereum universe recently witnessed a major transaction. According to the informations provided by Lookonchain, an investor who participated in the Ethereum ICO in 2014 transferred 6,000 ETH, worth $9.96 million, to the Kraken exchange platform.
This investor purchased his ETH during the ICO at a modest price of $0.31 per coin. Now, with the current price of Ethereum standing at $1,647 per unit, his investment has seen a staggering 53,261% increase in a span of nine years. This phenomenon eloquently illustrates the dynamism of Ethereum and the tremendous potential that cryptos conceal.
Furthermore, the cost of the transaction is another aspect that deserves attention. To move this colossal sum, he only had to pay a modest amount of $2.80, according to the data provided by Etherscan.
However, despite this substantial transaction, the investor is not dry. His wallet still has a reserve of around 49,070 ETH, which is roughly equivalent to $80.7 million.
Bearish turn among Ethereum whales
This financial movement should not be considered in isolation. Indeed, it fits into a very specific context of the crypto market. Santiment, in its recent analyses, points to a selling trend among large Ethereum holders in recent quarters. Brian Quinlivan of Santiment provides details:
“ We have noted a drop over a period of approximately 4 months in the reserves of addresses holding between 10 and 10,000 ETH. These holders had accumulated heavily at the end of the previous year, but chose to realize their gains, especially when ETH peaked at around $2,120 recently.“
This transaction towards Kraken, carried out by such an emblematic actor, prompts reflection on the intentions and perspectives of large Ethereum holders. Even if the horizon remains nebulous, observers are scrutinizing every major movement in the crypto world because it could indicate future trends in the industry.
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