A long-dormant Ethereum ICO-era whale has sold around $10 million worth of ETH, sending the tokens to Kraken, while markets stand firm near $4,300.
Key Takeaways:
- An Ethereum ICO participant, initially allocated 20,000 ETH for $6,200 in 2014, has transferred 2,300 ETH worth approximately$9.9 million to Kraken, retaining 1,623 ETH (~$7M).
- The wallet has conducted staged sales before (3,000 ETH in Nov 2023; 1,000 ETH in Feb 2024; 250 ETH in Dec 2024), indicating a methodical exit strategy
- Despite the notable sale, ETH remains muted and resilient as it currently trades near its highest levels since 2021 (~$4,300), exhibiting strong demand and liquidity absorption.
A blockchain data and analysis revealed by Lookonchain on X (formerly twitter) states that an address associated with Ethereum’s 2014 ICO, which originally received 20,000 ETH for approximately $6,200, offloaded 2,300 ETH into Kraken early Monday. The whale still have 1,623 ETH as their total holdings of the token, valued around $7 million, post-transaction.
The said wallet address "0x845…a210c” has been known for its past systematic liquidations, where they sold 3,000 ETH on November 2023, 1,000 ETH in February 2024, and 250 ETH in last year’s month of December, according to Crypto Economy’s latest report about the whale transaction. The repeated pattern suggests strategic, phased profit-taking rather than a panic-driven dump.
Market Holds Firm Despite Whale Activity
As of writing (2:00 PM UTC), ETH is trading at approximately $4,245, which suggests a modest 24-hour dip but remaining well above $,4300, a level not seen since December 2021. Ether saw an intraday range from $4,174.03 to $4,332.73, indicating strength in liquidity and market depth capable of absorbing large transfers like the recent whale transaction.
This explains why the whale move did not interrupt the rally and instead, the broader market continues to display momentum, with shrinking exchange reserves and mounting institutional demand offering a buffer against single-wallet sell-offs. Analysts note that such moves from dormant crypto wallets often raise awareness but rarely destabilize markets when overall sentiment remains bullish.
Analysts Eye Potential for Further Gains
Analysis from experts and platforms like CryptoQuant give caution despite strong fundamentals like growing DeFi activity and institutional interest, the market isn’t out of the woods yet. Leverage levels and ETH inflows to exchanges could lead to short-term volatility, even amid long-term optimism.
However, the moderate ratio of Ethereum’s MVRV (Market Value to Realized Value) where no signs of overbought extremes are observed, suggests the the token has potential for continued upward movement before any possible pullback.
What’s Next
This latest sale by a long-term ICO participant demonstrates how early ETH holders continue to realize gains, even as the market absorbs large volumes with minimal disturbance. With ETH consolidating near $4,300, the market sentiment is still at the bullish momentum. Markets will now watch whether those retained 1,623 ETH will be held for further gains or follow a similar phased exit. Meanwhile, macro sentiment, DeFi flows, and institutional appetite remain as drivers for sustaining the token’s current strength.
Summary
An ICO-era Ethereum whale sold 2,300 ETH (~$9.9M) to Kraken, continuing a phased exit strategy seen since 2023. Despite the sale, ETH holds near multi-year highs around $4,300, suggesting strong demand and liquidity absorption across the market.
