A significant Ethereum investor, commonly referred to as a “whale,” has made substantial transactions this year, signaling a potential exit from their crypto holdings. This individual, who acquired 200,000 ETH during Ethereum’s initial block in 2015, recently transferred 3,370 ETH, valued at $11.37 million, to the crypto exchange Kraken. Data from several sources, including crypto analyst EmberCN, indicates that throughout 2024, this whale has moved a total of 48,687 ETH to Kraken, with transfers totaling approximately $171.78 million at an average price of $3,528 per ETH.
With current holdings of 7,594 ETH, valued at $25.72 million, analysts predict the whale will likely finalize their exit with just one or two more sales. Etherscan data illustrates a pattern of significant transfers throughout the year, including 4,453 ETH on December 7, 5,597 ETH on November 25, and 9,756 ETH on July 30. These strategic sales coincide with Ethereum trading between $3,328.47 and $3,410.29 in recent days, and an annual range fluctuating from $3,239.45 to $3,512.12.
The transfers reflect a systematic divestment strategy from the whale’s original allocation during Ethereum’s genesis block. This activity follows other notable movements by early Ethereum investors, such as an ICO participant who ended a 9.4-year dormancy last week by transferring 631 ETH to Coinbase.
Market analysts have identified a potential bullish trend for Ethereum, highlighted by an inverse head-and-shoulders pattern that could see prices rising to $7,300. Analyst Juan Téllez suggests that while Ethereum has not yet outperformed Bitcoin in this market cycle, signs of a shift could be emerging, especially in correlation with global liquidity trends.
