Ethereum ICO whale transfers 5,000 ETH to Kraken after selling $113M in two weeks

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

According to crypto analyst EmberCN, the whale moved another 5,000 ETH to Kraken. The movement was worth around $12.22 million and happened a few hours ago.

Ethereum ICO whale on a selling spree

This transfer comes as a follow-up of a substantial 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 selling history, which reveals a pattern of strategic exits at various prices.

通过 ICO 获得 15 万枚 ETH 的鲸鱼，又在 4 小时前向 Kraken 转移了 5,000 枚 ETH ($12.22M)。
他已经在最近半个月里出售了 4.5 万枚 ETH ($113.2M) 啦，均价 $2,516。

到目前，他通过 ICO 获得的 15 万枚 ETH 已经售出了 6 万枚 ($149.68M)：
1⃣2019 年 7 月以 $218 的价格出售 5,000 ETH… https://t.co/AQGzzopIyQ pic.twitter.com/sntybhTqLU

— 余烬 (@EmberCN) October 8, 2024

In July 2019, the investor sold 5,000 ETH for $1.09 million, with Ethereum priced at $218 per token.

In June 2024, the whale liquidated another 10,000 ETH. During this time, ETH had a price of $3,539 per token, and the whale bagged $35.39 million with this sale. The most recent sell-off occurred 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 their original 150,000 ETH received through the ICO. The offloading has made the whale a total of $149.68 million. Despite these large disposals, the investor still maintains a large Ethereum position.

Currently, the whale holds 94,540 ETH, valued at approximately $230.3 million at current market prices. As per EmberCN, the additional 4,540 ETH is attributed to staking income earned through platforms like Lido and Rocket Pool.

The movement by the whale comes as the price of ETH has dropped by over 3% in the last 24 hours. CoinGecko data shows that ETH is down by over 7.4% in the last seven days. ETH is currently hovering in the $2,400 level.