Ethereum ICO whale offloads another $5 million worth of ETH as price nears all-time high: onchain analysts
Quick Take An Ethereum ICO participant has offloaded a further 1,060 ETH worth over $5 million, having already transferred nearly $19 million in ETH to Kraken in the past few days, according to onchain analysts. The latest transfer follows another Ethereum ICO address sending $9.9 million worth of ETH to the exchange earlier this week amid the cryptocurrency’s move toward all-time highs.
An Ethereum whale sent a further 1,060 ETH worth $5.1 million to a deposit address labelled as belonging to Kraken on Thursday — their fourth transfer to the crypto exchange in as many days, according to onchain analysts.
The address beginning "0x815" previously sent 2,000 ETH ($8.6 million) on Monday, followed by 1,162 ETH ($5.2 million) and 1,121 ETH ($5.2 million) on Tuesday and Wednesday, taking their total deposits to around $24.1 million this week. Approximately 4,657 ETH remain at the address, per Arkham data , worth $21.9 million.
While it is not certain that the participant no longer owns the ETH, such transfers to crypto exchange deposit addresses often indicate selling.
The whale still holds more than 50,000 ETH across multiple wallets in total, the analysts noted.
More Ethereum participants sell amid price rise
However, they are not the only Ethereum participant to have sold ETH in recent days as the price of the second-largest cryptocurrency approached all-time highs for the first time since November 2021.
On Monday, another Ethereum participant transferred 2,300 ETH , worth about $9.9 million, according to Lookonchain. That whale originally received 20,000 ETH for roughly $6,200, which is now valued at around $94 million.
The address starting "0x845" also deposited the funds to Kraken, according to Arkham labeling, leaving the address with 1,623 ETH remaining ($7.6 million).
Ethereum is currently trading for $4,718, per The Block's ETH price page , up 23% over the past week to come within 3% of its prior all-time high of around $4,868.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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