A whale who received 200,000 ETH during Ethereum’s 2015 genesis block has moved closer to completing their market exit, transferring 3,370 ETH (valued at $11.37 million) to Kraken.
According to data shared by crypto analyst EmberCN, the whale transferred 48,687 Ethereum (ETH) to Kraken throughout 2024. The movement was worth approximately $171.78 million at an average transfer price of $3,528.
一个在 2015 年从以太坊创世区块获得 20 万枚 ETH 的鲸鱼，9 小时前向 Kraken 转移了 3,370 ETH ($11.37M)。他在今年转进 Kraken 的 ETH 高达 48,687 枚 ($171.78M)，转出均价 $3,528。不过他的 ETH 经过 8 年时间的陆续出售，现在已经卖的差不多了。目前就还剩 7,594 ETH ($25.72M)，再有个 1-2… pic.twitter.com/pllSk9zHCG
— 余烬 (@EmberCN) December 29, 2024
With only 7,594 ETH ($25.72 million) remaining in their wallet, the whale appears likely to complete their exit within one to two more sales.
Etherscan data reveals a consistent pattern of large transfers throughout 2024:
Dec. 7: 4,453.3997 ETH
Nov. 25: 5,597.12775107 ETH
Nov. 13: 5,707.96432246 ETH
July 30: 9,756.742 ETH
This selling activity comes as Ethereum trades between $3,328.47 and $3,410.29 in the past 24 hours, with the weekly range spanning from $3,239.45 to $3,512.12. The nature of these transfers suggests a carefully planned exit strategy from their genesis block allocation.
You might also like: BONK reclaims top Solana meme coin spot, dethrones PENGU
The movement of early Ethereum investors has become more noticeable recently. In a separate but notable development, another ICO participant woke up from a 9.4-year dormancy period on Dec. 27, depositing 631.1 ETH ($2.14 million) to Coinbase.
This particular wallet originally received 1,940 ETH during the genesis block, worth just $601 at the time, and still holds 1,309 ETH (approximately $4.4 million).
The movement comes as analysts have identified a bullish inverse head-and-shoulders pattern.
#Ethereum Bullish vibes🎯Inverse Head & Shoulders pattern spotted. If we see a breakout, $7300 is on the horizon 🚀Altcoins will follow soon—patience is key.$ETH pic.twitter.com/afo1rX9Or8
— Crypto Patel (@CryptoPatel) December 28, 2024
If ETH showcases a breakout, the price could soon hit $7,300, according to analyst Crypto Patel.
In another analysis, analyst Juan Téllez shared expectations on when ETH will start outperforming BTC. Over the last two market cycles, ETH has only outperformed BTC during the expansion phase of the economic cycle, he says.
When will $ETH start outperforming #BTC?It seems we are not there quite yetETH/BTC vs Global LiquidityIn the last two market cycles, $ETH has only outperformed #Bitcoin during the expansion phase of the economic cycle.We've observed some signs of a potential reversal in… pic.twitter.com/hRyg1t14Aw
— Juan Téllez (@Juan_Web3) December 28, 2024
The analyst has identified signs of a potential reversal in the ETH/BTC ratio and suggested that the outperformance point hasn’t been reached yet.
Read more: NFT market slumps 50%, Pudgy Penguins lead market downturn
