Ethereum ICO Whale Moves 1,500 ETH to Kraken After 8 Years
Blockchain analytics firm Lookonchain spotted an Ethereum ICO whale reactivating an 8-year dormant 20,000 ETH wallet. The whale originally acquired ETH at $0.31 per token (cost basis ~$6,200). After testing the market with a 10 ETH transfer, it moved the remaining 1,490 ETH—totaling 1,500 ETH (≈$6 million)—to Kraken exchange. The leftover 18,500 ETH is now valued at ~$80.4 million, reflecting a 12,971× return. ETH trades near $4,020, down ~2.6% over 24 hours amid market volatility. This Ethereum ICO whale’s move signals potential selling pressure; traders should watch exchange inflows and on-chain analytics for signs of further whale movements.
Bearish
A transfer of 1,500 ETH from an 8-year dormant whale wallet to Kraken suggests potential intent to sell, which historically increases short-term selling pressure. With ETH already down over 2.5% in 24 hours and significant exchange inflows, the move aligns with bearish market sentiment. If the whale liquidates more holdings, it could drive prices lower in the short term. Long-term impacts depend on whether the remaining 18,500 ETH is held or sold. Traders should monitor additional on-chain whale movements and exchange inflows to gauge future downward pressure.