A primeval Ethereum whale has made a noteworthy move by transferring $32 million worth of ETH to a major US exchange, Kraken. The mysterious investor, whose address is identified as “0x771,” still holds a whopping 14,644 ETH amounting to $55.91 million. During the ICO, this enigmatic character received a substantial 100,000 ETH when the altcoin was valued at $0.311, and it was deposited into the address “0xc348.”
Over the years, this whale sold off a portion of their tokens, but then suddenly stopped, only resuming activity three months ago. During this recent spell of activity, the address in question transferred 29,519 ETH to its current location. Today marks the second time this unknown Ethereum address has sent tokens to Kraken.
It appears that this investor has decided to secure a profit on their holdings, given the meteoric rise in ETH’s price since the ICO. With the altcoin’s value surging by an astonishing 1,228,387%, this particular investor would have amassed a profit of $349.7 million if they had not already been selling portions of the holdings from the beginning.
In the past, such actions from whales have often been interpreted as bearish indicators, leading to heightened market volatility. However, today’s Ethereum price has increased by 0.8%, and it is only 7% away from its all-time high. It will be fascinating to observe how events unfold and whether this case prompts more whales to reenter the market.