Ethereum ICO Whale Transfers 5,000 ETH to Kraken After Selling $113 Million in Two Weeks

An Ethereum whale, who initially received 150,000 ETH through the project’s initial coin offering (ICO), has started dumping coins again.

According to crypto analyst EmberCN, the whale transferred an additional 5,000 ETH to Kraken. The move was worth about $12.22 million and happened a few hours ago.

Ethereum ICO Whale on a Selling Spree

This transfer follows a significant selling spree by the whale over the past two weeks. During this period, the investor sold 45,000 ETH. This was worth about $113.2 million at an average price of $2,516 per ETH.

EmberCN shared the whale’s sales history, which reveals a pattern of strategic exits at different prices.

In July 2019, the investor sold 5,000 ETH for $1.09 million, with Ethereum’s price being $218 per token.

In June 2024, the whale liquidated another 10,000 ETH. During this period, ETH had a price of $3,539 per token, and the whale pocketed $35.39 million from this sale. The most recent sale took place between September and October 2024 when the whale sold 45,000 ETH at an average price of $2,516, receiving $113.2 million from this single sale.

Ethereum Whale Currently Holds 94,540 ETH

In total, the whale has now sold 60,000 ETH out of the initial 150,000 ETH received through the ICO. The offloading has earned the whale a total of $149.68 million. Despite these significant disposals, the investor still maintains a sizable position in Ethereum.

Currently, the whale holds 94,540 ETH, valued at approximately $230.3 million at current market prices. According to EmberCN, the additional 4,540 ETH are attributed to staking rewards earned via platforms like Lido and Rocket Pool.

The whale’s move comes as ETH’s price has dropped more than 3% in the past 24 hours. Data from CoinGecko shows that ETH has declined more than 7.4% over the past seven days. ETH is currently hovering around the $2,400 level.