An Ethereum ICO participant just deposited 10,000 ETH to the Kraken exchange today after two years of dormancy.
Data from Etherscan shows that an Ethereum whale, who has been dormant for two years, has moved a portion of his Ether stash for possible sales. The wallet awakened today, transferring 10,000 ETH to the crypto exchange Kraken by 7:47 AM (UTC).
The whale sold the Ethereum for $24.37 million at an average price of $2,437 per coin. With the sales, the wallet now holds 9,298 ETH ($22.63 million).
It bears mentioning that the wallet participated in Ethereum’s initial coin offering (ICO) nine years ago. The whale received 50,000 ETH, valued at $15,500 in 2015. At the current market price, this share is valued at $121.8 million, an impressive 785,806% growth.
Ethereum ICO Whale Activity on the Rise
The Thursday sale is one of multiple Ethereum ICO whale selloffs in recent times. These activities have raised concerns among the crypto community over possible market implications.
An earlier report showed that another Ethereum early token recipient moved 2,000 ETH ($5.47 million) after over nine years of dormancy. This came after the Golem network, which received 820,000 ETH from the ICO, sold $21 million worth of Ethereum in August.
Besides ICO participants, other dormant whales have also taken to selling their stash. A dormant whale moved 16,636 ETH two days ago after eight and a half years of inactivity. It bears mentioning that the wallet sold at a 44,600% return on investment.
Ethereum Bulls Take Fatal Hit
Meanwhile, Ethereum bulls have suffered the most setbacks as the asset has shown inherent price weakness. This gross underperformance could be tied to the incessant sales from whales and disappointing inflows into the Ethereum spot exchange-traded funds (ETFs).
The ETFs recorded a third consecutive net outflow day on Wednesday, with issuers selling $9.74 million worth of Ethereum. Notably, the funds have seen a net cumulative outflow of $615.5 million since going live on July 23.
Furthermore, Ethereum’s price weakness against Bitcoin led to a whale suffering an unrealized loss of $49 million. The enthusiast is nursing a significant loss after longing the ETH/BTC pair.
However, Ethereum has shown signs of life after rebounding 4% in the past 24 hours to $2,431. The asset’s trading volume has surged 35% to $21.3 billion, signaling increased market activity.
