- The crypto markets are slowly healing from an extended bear market.
- Amid this recovery, investors with extensive holdings may be looking to lock in profits.
- One whale has raised eyebrows by moving large amounts of ETH for the first time in nearly a decade.
With most major crypto assets boasting double-digit percentage gains year-to-date, many crypto market participants are excited by the prospects of a potential bull market.
However, amid this potential recovery from a punishing 2022 bear market, some long inactive crypto asset holders are taking the opportunity to cash in.
ETH ICO Participant Moves Holdings to Kraken
In a tweet on Wednesday, July 19, prominent blockchain tracking service Whale Alert revealed that a pre-mine address containing 61,216 ETH (worth approximately $116.8 million at the time of writing) had initiated a transaction after eight years of inactivity.
On-chain data shows that following an initial transfer to another anonymous wallet, these funds have now reached a Kraken deposit address, further fueling speculation that the holder plans to sell.
As highlighted by crypto smart money tracker Lookonchain, the Ethereum whale received his holdings for about $18,976.96 at the Initial Coin Offering price of $0.31. Consequently, the long-term holder stands to make a $116.7 million profit.
Despite the increased selling pressure, ETH is trading for $1,905.33 at the time of writing, representing a marginal 0.72% gain in the last 24 hours.
On the Flipside
- It is difficult to confirm if these assets have been sold.
Why This Matters
The Ethereum ICO whale stands to make a huge profit if they decide to sell. While $116.8 million worth of selling pressure may have little effect on the market, the move could hint at broader whale sentiment, which typically preempts market movement.
Learn more about the last time a notable Ethereum whale sent $41 million worth of ETH to Kraken:
Ethereum Co-Founder Moves $41M Worth of ETH to Kraken
Find out why CoinMarketCap has tipped zkSync as a key player in 2023:
Why CoinMarketCap Pinpoints zkSync Era as Key to Watch in 2023
