Dormant Ethereum Whale from ICO Era Deposits ETH into Kraken: On-Chain Data
An individual who participated in the Ethereum initial coin offering (ICO) back in 2014 has recently sent their ETH to the crypto exchange Kraken after several years of dormancy. The entity deposited 1,732 Ethereum to Kraken as the price of ETH surpassed $3,000. It is unclear what their plans are for the ETH, but once it’s on an exchange like Kraken, it can potentially be sold on the open market. The individual bought Ethereum at the ICO price of $0.31, which means they made a significant profit if they sold it above $3,000.
Discovery by Lookonchain
Blockchain tracker Lookonchain was the first to spot this entity depositing the Ethereum to Kraken. According to Lookonchain, the individual received 3,465 ETH ($10.3M) at Ethereum Genesis during the ICO. Etherscan data reveals that there is still 1,733 ETH worth just over $5 million left in their wallet.
Galaxy Digital’s Withdrawal
Lookonchain also noticed that crypto hedge fund Galaxy Digital withdrew their 26,000 ETH worth $76.2 million from Coinbase Prime and Binance. This adds to the recent activities involving large amounts of Ethereum being moved.
Accumulation of Ethereum by Mysterious Entity
Earlier this week, Lookonchain reported that a mysterious entity had accumulated 64,000 Ethereum within just 11 days. The entity initially acquired 1,100 ETH and later added 9,959 ETH worth $24.67 million from Binance. After spending $60 million worth of USDT to acquire 21,353 ETH, the entity withdrew 10,649 ETH worth $30.68 million from Binance. Recently, the entity added 11,587 ETH worth $33.5 million to its already large Ethereum stack.
Current Ethereum Price
As of now, Ethereum is trading at $2,903.
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