Dormant Ethereum Whales from ICO Era Coming to Live

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As a seasoned crypto investor with a decade of experience under my belt, I’ve seen my fair share of market fluctuations and whale activities. The recent Ethereum (ETH) whale movements to Kraken have piqued my interest, given the anticipation surrounding the potential approval of a spot ETH exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC).

Preparing for the potential SEC approval of an Ethereum ETF in the US, some previously inactive Ethereum wallets controlled by large investors (Ethereum whales) have become active once more. These whales are now moving their Ethereum holdings to new wallets on various exchanges.

Ethereum Whales Moving ETH to Kraken

Two major Ethereum investors from the ICO phase, as indicated by on-chain data from Spot On Chain, have transferred a total of 3,631 Ether to the Kraken cryptocurrency exchange.

Over the past two days, two Ethereum Foundation or ICO-linked wallets have transferred a total of 3,631 ETH, equivalent to around $12.5 million, to Kraken exchange as the Ethereum market regained strength.
1️⃣ Wallet 0xdb3 unloaded 2,631 $ETH ($9.01M).
• It received $ETH from the Ethereum Foundation and Ethereum ICO participant 0xAb0.
• Since June 8,…
— Spot On Chain (@spotonchain) July 17, 2024

As a crypto investor, I transferred a significant amount of Ethereum, equivalent to 3,631 ETH or around $12.5 million, to Kraken in two distinct transactions over a brief period. The wallet identified as 0xdb3 held a substantial portion, containing 2,631 ETH worth approximately $9.01 million. Meanwhile, wallet 0xbf5 disposed of 1,000 ETH, valued at around $3.46 million. Combined, these transactions totaled the transfer of $12.5 million in Ethereum to Kraken.

As an analyst, I’d like to point out that the Ethereum amounting to 2,631 ETH is not the only asset that has recently moved from the “0xdb3” wallet. Over the years, this wallet has received Ethereum from both the Ethereum Foundation and a participant in the ICO identified as “0xAb0.” Between June 8 and now, a significant amount of 17,886 ETH, equal to approximately $65 million, has been transferred from this wallet to various centralized exchanges.

As a crypto investor, I’ve come across some intriguing information regarding the Ethereum in the wallet identified as 0x510. It’s worth mentioning that this particular wallet originally obtained a substantial amount of Ethereum – specifically, 100,000 ETH – during the Genesis event back in 2015. Since then, there have been several transactions recorded, including the more recent transfer of 1,000 ETH. Despite these transfers, the wallet presently holds approximately 49,000 ETH, according to data from Spot On Chain.

Based on the present price of one Ethereum unit at $3,494.30, which has risen by 2.31% over the past 24 hours, this investment now holds a value of around $171.2 million.

Anticipation for Spot Ethereum ETF Trading Approval Continues

In the expansive world of cryptocurrencies, optimism abounds regarding the imminent authorization for trading Spot Ethereum Exchange-Traded Funds (ETFs). Previous assumptions suggested that the regulatory body would give its nod on July 15 for market initiation. However, this did not transpire as planned. Nonetheless, there is a strong belief that approval will be granted shortly, with heightened anticipation centered around July 23 – the new proposed date for trading authorization.

Noting the potential cause behind recent large-scale Ethereum transfers, it’s important to acknowledge that these actions could be driven by investors’ fear of market volatility and an impending bearish trend. However, it’s essential to consider that Ethereum currently displays a positive outlook with some analysts predicting its price rally may continue, potentially reaching as high as $4,500. The upcoming launch of spot Ethereum ETF trading could further fuel this uptrend.

Some analysts are hopeful that Ethereum could surpass Bitcoin‘s performance in the future market. However, it’s essential to acknowledge the risk of Ethereum’s price plateauing or even experiencing a “sell the news” event. Currently, attention is centered on the Securities and Exchange Commission (SEC) and its upcoming ruling regarding spot Ethereum Exchange-Traded Funds (ETFs).

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2024-07-17 11:59