A participant in an Ethereum initial coin offering (ICO) made a large 3,510 ETH payment to the Kraken exchange, valued at about $9.12 million.
According to Lookonchain, the wallet was inactive for more than two years until this surprise action. The whale paid a huge 150,000 ETH at Ethereum’s Genesis event to acquire the tokens for just $46,500 at the time, which was previously unknown.
With ETH’s spectacular rise over years, the value of this first investment has skyrocketed to an estimated $389.7 million, a remarkable 838.064% rise.
Ethereum Wallet Movements
To add to the mystery, another sizable ETH-related transaction took place almost concurrently. Spot On Chain, a blockchain analytics platform, reports that wallet “0x 999,” believed to be associated with Genesis Trading and its bankruptcy procedures, transferred 5,000 ETH (approximately $12.9 million) to FalconX, a trustworthy digital asset broker.
Still, this wallet contains a staggering 162,000 ETH, more than $424 million at current market value. The unpredictable movements of these major Ethereum holders have spurred conjecture about increasing market selling pressure.
Large cryptocurrency deposits on exchanges have historically occasionally shown a desire to sell assets, exploiting the great liquidity on these platforms. ETH’s price has demonstrated persistence in spite of these problems, maintaining its rising trajectory.
According to most current market data, ETH is trading at $2,642, up 2.4%. Fascinatingly, Ethereum’s price appears to be somewhat closely following Bitcoin’s performance, while both assets show coordinated patterns of gain and decrease.
