- 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.Â
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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.
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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
