TL;DR
- Two large Ethereum whales moved 8,510 ETH ($21.9M) to centralized exchanges.
- An Ethereum ICO participant transferred 3,510 ETH to Kraken after 3 months of inactivity.
- A wallet linked to Genesis Trading moved 5,000 ETH to FalconX amid the company’s restructuring.
In the last few hours, significant movement of Ethereum (ETH) has been observed by two key market players.
In total, 8,510 ETH, equivalent to approximately $21.9 million, has been transferred to centralized exchanges (CEXs).
Two major market players, including an Ethereum ICO participant and Genesis Trading's bankruptcy wallet, deposited 8,510 $ETH ($21.9M) to CEXs in the last 9 hours!
👉 #Ethereum ICO whale “0xb8c” sent 3,510 $ETH ($9.04M) to #Kraken again after 3 months. This whale still holds… https://t.co/83vDcHO6Qz pic.twitter.com/bRpdgKGVuH
— Spot On Chain (@spotonchain) September 23, 2024
These movements, which come from whales with large ETH holdings, could have a considerable impact on the price of the cryptocurrency, especially in a market that has shown notable fluctuations in recent days.
One of these whales is an Ethereum ICO participant, known for having acquired 150,000 ETH in 2015 at a price of $0.31 per ETH, worth a total of $46,500 at the time.
This investor, who has remained largely inactive in recent months, sent 3,510 ETH (approximately $9.04 million) to Kraken, a centralized exchange.
While this amount represents a fraction of their total holdings, which amount to 136,000 ETH (approximately $358 million), this action could indicate an intention to take advantage of the recent rally in ETH’s price.
Separately, a wallet linked to Genesis Trading, a firm in the process of restructuring after filing for bankruptcy, moved 5,000 ETH (approximately $12.9 million) to FalconX.
This transfer could be related to the return of assets to Genesis creditors, which had accumulated huge debts with several entities, including Gemini and other large investors.
Despite this transfer, the wallet still holds 162,000 ETH, which is equivalent to about $423 million, suggesting that future movements in the market could still be made.
Possible effects on the Ethereum market
These massive movements of Ethereum could have a significant impact on the price of the cryptocurrency, which has already been showing signs of volatility.
In recent days, the price of ETH has seen ups and downs in line with the price of Bitcoin, creating uncertainty among investors.
While ETH is up 16% over the past week, driven in part by the Federal Reserve‘s decision to cut interest rates, it is still down 22% from its value over the past 90 days.
With large whales selling part of their holdings, the market may see bearish pressure, especially if more major players decide to follow suit. Nonetheless, the price of ETH has shown some resilience, rising by 2.5% over the past 24 hours, which could indicate that retail investors and other market participants are absorbing these sales.
The movements of these whales suggest that they are looking to capitalize on the recent price rally. However, the magnitude of their holdings means that any further selling could lead to further volatility in Ethereum prices in the near term.
Investors will need to keep an eye on any new moves from these key wallets, as their actions could dictate the future direction of the cryptocurrency market.
