A crypto whale wallet transferred 61,216 Ether tokens received during the 2015 initial coin offering (ICO) to two wallets on Wednesday, per on-chain data.
The wallet was dormant for over eight years and received the massive holdings from Ethereum’s Genesis contract, the same smart contract used to distribute tokens to ICO participants. These tokens cost ICO buyers 31 cents per coin at the time and have appreciated in value since then by several folds.
Per on-chain block explorer Ethercan, the crypto whale moved $116 million in crypto from wallet 08b to an unknown wallet. The whale then transferred the funds to a wallet linked to crypto exchange Kraken. It’s currently unclear if Kraken plans to offload these assets, stake the coins or deploy them toward other goals.
Transfers from whales – the term assigned to wallets with large holdings of cryptocurrencies in on-chain addresses – are not uncommon in crypto. Observers and participants usually monitor these whales as their activity, whether buying, selling, or moving coins around, could impact token prices or market sentiment.
When crypto whales withdrew huge amounts of a token from an exchange, for example, some might take it as a bullish signal that large holders expect the market to run upwards.
Conversely, crypto whales depositing a large number of coins on an exchange could signal an incoming sell-off or bearish sentiment.
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