Ethereum

bullish

Million

when

Coin

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<p dir="ltr">The ongoing price recovery of Ethereum (ETH) might be derailed if investors price in a likely dump from the coin’s Initial Coin Offering (ICO) era.&nbsp;<a href="https://x.com/lookonchain/status/1836678574360916089" rel="noopener noreferrer nofollow">Per</a> data from crypto analytics platform Lookonchain, 10,000 ETH is on the line if this whale chooses to sell.</p>
<h2 id="ethereum-whale-position">Ethereum whale position</h2>
<p dir="ltr">According to Lookonchain's insight, the ICO whale stayed dormant for two years before resurfacing. The 10,000 ETH fund was moved to Kraken exchange and is valued at approximately $24.37 million.</p>
<p dir="ltr">Typically, when whales send funds to an exchange, the motive is largely streamlined and often revolves around sell-offs. Though moving funds to centralized exchanges might also imply custody moves,&nbsp;<a href="https://u.today/154-million-in-eth-to-be-sold-by-ico-era-ethereum-eth-whale" rel="noopener noreferrer nofollow">historical trends</a> show that most tend to downsize their position.</p>
<p dir="ltr">This particular whale participated in the Ethereum ICO, receiving 50,000 ETH. At the time, the ICO he participated in cost about $15,500, and the funds are now worth $121.85 million. ICO whales sit on a big pile of cash, with most still HODLing.&nbsp;</p>
<blockquote>
 <p lang="en" dir="ltr">An <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> ICO participant deposited 10,000 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($24.37M) into <a href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Kraken</a> 15 minutes ago after being dormant for 2 years!The participant received 50,000 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>(ICO cost was $15.5K, now worth $121.85M) at <a href="https://twitter.com/hashtag/GENESIS?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#GENESIS</a>.<a href="https://t.co/cuEosgIONq" rel="noopener noreferrer nofollow">https://t.co/cuEosgIONq</a> <a href="https://t.co/PK4KePNFvu" rel="noopener noreferrer nofollow">pic.twitter.com/PK4KePNFvu</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1836678574360916089?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 19, 2024</a>
</blockquote>
<p dir="ltr">Numerous whales have woken up in the past few months to sell their stash. This has been the trend since the&nbsp;<a href="https://u.today/crypto-winter-takes-toll-digital-currency-group-winding-down-wealth-management-division" rel="noopener noreferrer nofollow">harsh crypto winter</a> eroded the gains from most of these whales' valuations.</p>
<h2 id="will-ethereum-price-be-impacted">Will Ethereum price be impacted?</h2>
<p dir="ltr">Transferring 10,000 ETH might seem a lot, but the fund is just a fraction of the circulating Ethereum supply. This means the lone whale cannot dilute the price even if the $24 million sell-off is confirmed.</p>
<p dir="ltr">At the time of writing, Ethereum's price was $2,425.45, up 5.15% in the past 24 hours. A coin in rebound mode also benefits from the bullish twist after the U.S. Fed&nbsp;<a href="https://u.today/bitcoin-surges-as-fed-goes-for-massive-rate-cut" rel="noopener noreferrer nofollow">cut the interest rate by 50 basis points</a> on Sept. 18.</p>
<p dir="ltr">With a robust ecosystem and positive on-chain sentiment, Ethereum is poised to sustain its resilience even more in the wake of a whale sell-off.</p>

$24.37 Million in ETH to Be Sold by ICO-Era Ethereum Whale

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