Whales Moved $21.9 M Worth of ETH, What Happened?

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Two huge Ethereum transactions containing 8,510 ETH worth $21.9 million have been reported by the on chain analysis firm “Spot on Chain”. One of the wallets goes back to the Ethereum ICO era. Why these accounts are making these moves at this time might be a concern for the crypto community. Let’s unveil these wallets and the transactions they are making.

ETH ICO Era Whale on the Move

A wallet (0xB1E5…E2be) moved 3,510 Ethereum tokens in the last 12 hours with 2 transactions. Just one hour apart two transactions were executed consisting of 10 and 3500 Ethereum respectively. Both the transactions consisting of $9.04 million worth Ethereum were sent to 0xb44D…A7fa which is considered to be a Kraken deposit wallet by “Spot on Chain”. It is interesting to know that the whale received 150,000 tokens during the 2015 ETH ICO at a price of $0.31. The Whale spent a total of $46.6k for ICO participation. 

By now, this ICO whale has offloaded a total of 18,510 ETH to Kraken and BItfinex since July 31,2019 at an average price of $2,461. 10,000 Eth of this total offloaded fund was moved between June 16 and 18,2024 right before the price of Eth fell greatly. The whale still holds 135,940 ETH worth around $350 across 8 different wallets.

Crypto Lender Genesis Selling ETH?

The crypto lender firm Genesis filed for bankruptcy in January 2023. They had to repay around $3 billion to the investors. The firm fell amidst FTX fall and bear market. They moved $3 billion worth of funds combined as Bitcoin (32,256) and ETH (256,775) in August this year. The firm moved 143,379 ETH to a wallet 0xC62c…46C4 that has been distributing different amounts of Ethereum tokens to various accounts. The pattern of transactions look like Genesis is replaying its creditors. The same wallet had fed 114,502.54 ETH to a wallet 0x999E….946E on August 2. The latter wallet moved 5,000 ETH to FalconX through another wallet 0xf4F0…E99c, around 6 hours ago.

What is happening?

Though these transactions are huge and look like this movement has made a slight shift in Ethereum price as well. The Price took a retrace of 1% but that is not a big deal for the industry. It is clear from the transactions that the ICO whale is taking systematic profits after waiting for 9 years and Genesis is replaying its creditors. In the eyes of analysts, both of these transactions are legit and important for the community.