Ethereum ICO whales have transferred a significant amount of Ethereum to cryptocurrency exchange Kraken, sparking speculation that there may be dumping.
Today Ethereum newsWhale Wallet transferred 4,160 ETH worth $14.5 million to a cryptocurrency exchange for possible sale. According to data from SpotOnChain, millions of dollars worth of Ethereum was transferred from this address on Christmas Day.
Transaction details
This transaction occurred between an Ethereum whale wallet and Kraken on December 25th at 21:20 (UTC). Specifically, 4,162 ETH ($14.5 million) from address “0x55df” was moved to Kraken’s deposit wallet “0x54d6.”
spot on chain tied Outgoing wallet to Ethereum Initial Coin Offering (ICO) participants who received 20,000 ETH during the event. Notably, Whale acquired a stash of Ethereum during its 2015 offering for $0.31 per coin, for a total of $6,200.
Whales were staking the Ethereum they received at the time, but habitually dumped the assets on local peaks for profit. For context, the data shows that when Ethereum hit $4,000 on December 4, Whale Wallet sold 2,719 ETH ($10.1 million at the time).
Ethereum ICO participants also sold some on October 31st and September 28th, releasing a total of 60 ETH ($158,000) on those days. Meanwhile, the whale still holds 7,043 ETH (worth $24.6 million), which is currently being staked for rewards.
Will there be a price correction?
SpotOnChain pointed out that Ethereum ICO wallets have a history of being sold during local market peaks. This suggests that wallets are expecting further correction from the altcoin king.
Additionally, sales from ICO participants have decreased recently compared to the constant fire sales from September to October. Ethereum became a contrarian play at the time, failing to reflect the bullish momentum of the broader crypto market.
For context, Ethereum wallets were sold off for two weeks in October, and at the same time Throw away 19,000 ETH ($31.6 million at the time). During the same period, another ICO participant relocated 5,000 Ethereum ($12.2 million) to the Kraken, sparking skepticism among enthusiasts.
If dumping from Ethereum whales resumes, it could increase bearish sentiment across the ecosystem and have a significant impact on asset prices. Meanwhile, the king of altcoins is trading at $3,438, down 1.5% in the past 24 hours.
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