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End of the Ethereum Rally? A Whopping $15 Million Movement After 6 Years of Silence!

  • An Ethereum whale, who purchased 50,000 ETH during an initial coin offering (ICO), has made a transaction of 7,998 ETH after 6 years of dormancy.
  • The transaction, worth $15 million, was detected by on-chain analyst EmberCN.
  • The recipient of the transaction remains unknown, and the whale’s wallet now holds approximately 1 ETH worth $1,891.

On June 26, EmberCN, an on-chain analyst, revealed on their official social media account that a whale had transferred 7,998 ETH, valued at $15 million, in a recent transaction.

Ethereum Whale Moves 7,998 ETH After 6 Years of Inactivity

According to the data, this transaction occurred after a period of 6 years of inactivity. Following the transaction, the whale’s wallet was left with approximately 1 ETH worth $1,891, and no information regarding the identity of the recipient wallet was found.

It was discovered that the whale had purchased 50,000 ETH worth $94.5 million from an Ethereum ICO investor in 2017. However, the user transferred their assets to various wallets, including one known to belong to Kraken, within the same year. The transfer to Kraken amounted to 36,000 ETH.

While transfers to exchanges are often interpreted as selling moves by the cryptocurrency industry, it should be noted that the transfer to Kraken occurred 6 years ago when the value of 36,000 ETH was approximately $9.2 million. The current value of the transfer is equivalent to $68 million.

According to CMC data, Ethereum has gained 3.3% in value in the last 30 days and has experienced a 0.3% loss in the past 24 hours, currently trading at $1,860.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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