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Ethereum ICO Whale Dumps Another $5M ETH—Over $24M Sent to Kraken This Week
In a sudden move, another early Ethereum investor has dumped over $5 million worth of Ethereum (ETH) on the Kraken exchange, marking the fourth consecutive day of such massive transfers. The transfer in question consists of 1,060 ETH, which is a significant sell-off that raises eyebrows amidst the cryptocurrency’s remarkable surge.
The sender of these funds is an early participant of an initial coin offering (ICO), who received approximately 100,000 ETH back in 2014 for around $31,100. Despite this week’s activity, the wallet still holds roughly 4,657 ETH worth nearly $21.9 million, indicating that a substantial portion of Ethereum’s supply is yet to be tapped.
This significant outflow comes at an interesting time when Ethereum’s price has reached unprecedented heights. The asset currently trades near $4,718 and is within striking distance of its record high at $4,868.
Market participants are closely monitoring exchange net flows, order book depth, and spot ETF activity to gauge whether supply can keep up with demand. If the price strength persists, remaining ICO-era reserves could continue to trickle into liquidity. However, these deposits might be offset by buy programs, including systematic bids and discretionary accumulation by treasuries and trading firms.
It is essential for traders to remain vigilant and consider this latest activity as a crucial market signal amid intense speculation.
Source: crypto-economy.com
