Ethereum

Genesis

Arkham

Million

Spot

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A participant in the Ethereum ICO has caught the market offguard by depositing 3,510 ETH, which is worth about $9.12 million, into Kraken. According to&nbsp;<a href="https://x.com/lookonchain/status/1838027988539224539" rel="noopener noreferrer nofollow">Lookonchain</a>, this big move comes after the wallet was inactive for over two years.
Thus, the anonymous whale originally got an enormous 150,000&nbsp;<a href="https://u.today/will-bitcoin-btc-70000-attempt-fail-massive-xpr-triangle-breakthrough-is-here-ethereum-eth-bullish" rel="noopener noreferrer nofollow">ETH</a>, which they bought for just $46,500, during Ethereum's Genesis event amid initial coin offering. For instance, the value of this holding has now shot up to an estimated $389.7 million - a surge of over 838,064%.
Meanwhile, another big Ethereum-related deal went down, as Spot On Chain says that wallet "0x999," which is thought to be linked to Genesis Trading and its bankruptcy distribution, moved 5,000 ETH worth around $12.9 million to FalconX, another digital asset broker.&nbsp;
This wallet still has a lot of ETH, about 162,000, which is currently worth over $423 million. <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="83fa130b-4697-4e4b-8299-0bb0fd4666cf" src="https://u.today/sites/default/files/inline-images/arketh_0.png">Source: <a href="https://platform.arkhamintelligence.com/explorer/address/0xB1E52e319B83dd3bEdBaE9878B63F67B535dE2be" rel="noopener noreferrer nofollow">Arkham Intelligence</a>
These moves by major&nbsp;<a href="https://u.today/massive-15000-eth-transfer-by-diamond-hand-whale-stuns-kraken-details" rel="noopener noreferrer nofollow">Ethereum</a> holders have the space wondering if there is going to be a lot of selling pressure on the market.&nbsp;
Common sense says that when large sums of cryptocurrency are deposited on exchanges, the intent is to sell, leveraging the liquidity available on such platforms.
<h2 dir="ltr" id="ethereum-eth-price-outlook">Ethereum (ETH) price outlook</h2> <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="e7e5f374-5600-46d1-9475-58c15fd5eade" src="https://u.today/sites/default/files/inline-images/ethprice_5.png">ETH to USD by <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">CoinMarketCap</a>
Despite this, the price of Ethereum has kept going up. ETH is currently up 2.4%, trading at around $2,642.&nbsp;
Interestingly, the price movement of Ethereum seems to be tracking that of&nbsp;<a href="https://u.today/will-bitcoin-btc-70000-attempt-fail-massive-xpr-triangle-breakthrough-is-here-ethereum-eth-bullish" rel="noopener noreferrer nofollow">Bitcoin</a>, with periods of growth and decline, and not generating its own narrative with all these large dormant whales reappearances.

Mega Ethereum (ETH) Whale Returns With $9 Million Kraken Move

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