Ethereum ICO Whale Moves $14.5M Worth of ETH to Kraken, Sparking Dump Speculations

In today's Ethereum news, a whale wallet shifted 4,160 ETH, worth $14.5 million, to a crypto exchange for a possible sale.

A close watch is being kept on an Ethereum ICO whale as he shifts a large sum of ETH to Kraken, leading to speculations about a potential price dump.

In today’s Ethereum news, a whale wallet shifted 4,160 ETH, valued at $14.5 million, to a crypto exchange, possibly for a sell-off. The address transferred millions of dollars’ worth of Ethereum on Christmas Day, as per data from SpotOnChain.

Transaction Details

The transaction occurred between the Ethereum whale wallet and Kraken at 21:20 (UTC) on December 25. Specifically, the address “0x55df” moved 4,162 ETH ($14.5 million) to “0x54d6,” a Kraken deposit wallet.

SpotOnChain linked the sending wallet to an Ethereum initial coin offering (ICO) participant, who received 20,000 ETH at the event. Notably, the whale acquired the Ethereum stash during the offering in 2015 for $0.31 per coin, totaling $6,200.

Although the whale staked the Ethereum he received then, he habitually dumps the asset at local peaks to realize some profit. For instance, the whale wallet sold 2,719 ETH ($10.1 million) when Ethereum reached $4,000 on December 4, as per data.

The Ethereum ICO participant also sold some on October 31 and September 28, dumping a combined 60 ETH ($158,000) on those days. Meanwhile, the whale still holds 7,043 ETH, valued at $24.6 million, currently staked to yield rewards.

Incoming Price Correction?

SpotOnChain highlighted that the Ethereum ICO wallet has a history of selling at local market tops, which might indicate that the wallet anticipates further price correction for the altcoin king.

Moreover, sales from ICO participants have declined recently compared to the continuous dumps observed between September and October. Ethereum became a contrarian play at the time, failing to follow the bullish momentum in the broader cryptocurrency market.

For instance, an Ethereum wallet went on a two-week selling spree in October, simultaneously dumping 19,000 ETH ($31.6 million at the time). During the same period, another ICO participant moved 5,000 ETH ($12.2 million) to Kraken, sparking skepticism among enthusiasts.

A resumption of dumps from Ethereum whales could spark bearish sentiments around the ecosystem, affecting the asset’s price significantly. In the meantime, the altcoin king trades at $3,438, down 1.5% in the past 24 hours.

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