Ahead of the spot Ethereum ETFs expected to be launched soon, the activity of powerful whales is observed. On-chain data shows that two wallets from the ICO period transferred a total of 3,631 ETH to crypto exchange Kraken.
Major Transfers from Ethereum ICO Wallets
On-chain data provider Spot On Chain noted notable activity on wallets associated with the Ethereum Foundation and ICO. These two wallets deposited a total of 3,631 ETH, or approximately $12.5 million worth of Ethereum, to the Kraken exchange in the last two days. Notably, wallet 0xdb3 released 2,631 ETH worth $9.01 million. Historically, this wallet has received tokens from both the Ethereum Foundation and ICO participant 0xAb0.
Additionally, since June 8, wallet 0xdb3 has transferred 17,886 ETH worth a total of $65 million to various centralized exchanges. Another wallet, 0xbf5, recently emptied 1,000 ETH worth $3.46 million. This wallet acquired Ethereum from ICO participant 0x510, who received 100,000 ETH from the Genesis event in 2015.
According to Spot On Chain, this wallet still holds 49,000 ETH in four different wallets, worth a total of $171 million. Cryptocurrency investors are very excited about the spot Ethereum ETF, which is expected to be approved on July 23. In preparation for the launch of the ETF, ETH price increased significantly to $3,500 levels. Implied volatility for Ethereum's short-term contracts has also increased, according to data from Kaiko. Analysts predict that the ETH price rally may continue up to $4,500 during the ETF approval process. The Kaiko Research report also emphasizes that ETH will perform better than Bitcoin after ETF approval.
Investors anticipate that there may be some volatility in ETH while waiting for final approval from the SEC for ETFs to become active for trading. There is also a possibility that a 'sell the news' event will occur before Ethereum begins a major bull rally.
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