Ethereum (ETH), the second-largest cryptocurrency, recently surged following the Federal Reserve’s decision to cut interest rates by 50 basis points. This recovery in price led to renewed optimism among investors. However, some Ethereum whales appear to be taking this opportunity to exit while prices are high.
ETH saw a 16% increase over the last week, returning from a prolonged sell-off. Despite this rebound, the cryptocurrency remains 22% lower over the past 90 days. For large holders of Ethereum, this price surge may represent a timely exit strategy.
Dormant whale moves 3.5K ETH
According to on-chain data from Spot On Chain, two major Ethereum whales transferred 8,510 ETH, valued at approximately $21.9 million, to multiple centralized exchanges in the past 24 hours. One of the key players is an Ethereum ICO participant who moved 3,510 ETH, worth around $9.04 million, after three months of dormancy.
https://twitter.com/spotonchain/status/183803661691464107
Despite this large transfer, the whale still holds a significant amount, with approximately 136,000 ETH, worth $358 million, spread across eight wallets. This particular whale initially acquired 150,000 ETH during Ethereum’s ICO, buying the cryptocurrency at $0.31 per token. In June, the same whale deposited 10,000 ETH to Kraken, which resulted in a drop in Ethereum’s price.
Genesis trading moves Its holdings
Another significant Ethereum holder identified in the recent transactions is linked to Genesis Trading. The wallet associated with Genesis moved 5,000 ETH, valued at approximately $12.9 million, to centralized exchanges. This move follows a series of large transfers by the crypto lender in August, when it shifted 16,000 BTC and 166,000 ETH, worth $1.1 billion and $521 million, respectively.
Genesis Trading’s transfers appear related to its efforts to repay creditors. The company faced financial strain after lending to the now-defunct Three Arrows Capital, a loan that led to claims exceeding $3 billion from creditors, including Gemini and Cumberland. Genesis Trading still holds 162,000 ETH despite these repayments, valued at $423 million.
ETH trading volume spikes
In the last 24 hours, Ethereum’s price has risen by 2.5%, with its trading volume surging by 52%. At the time of writing, ETH is trading at an average price of $2,654. As market participants watch closely, large Ethereum holders’ movements drive significant activity, potentially influencing the short-term outlook for the cryptocurrency.
This increased whale activity raises questions about the sustainability of Ethereum’s recent price surge as large holders continue to move their assets to exchanges, possibly preparing for further selling.
The post Ether Dump Incoming: Whales Move 8.5K ETH to Centralized Exchanges first appeared on Coinfea.
