Crypto Whale Watch: Ether Purchased in ICO Moved to Kraken Exchange for $116 Million

Rare Massive Transfer from Early ICO Participant Followed Unusual Inactivity

Aside from this significant transfer, the wallet, 0x8b, has not had any activity. 

The only other action that was noted was when it got Ethereum via the Genesis contract following Ethereum’s initial deployment. 

Such large transfers from early participants are quite uncommon, especially from ICOs. 

Potential Causes and a Wider Trend in Cryptocurrency Exchanges for the Huge Transfer of 61,000 Ether

Such a substantial migration might have a variety of causes. 

This transfer of more than 61,000 Ether to an exchange-affiliated wallet is part of a larger trend seen in cryptocurrency. 

This may indicate that the wallet owner is planning to sell the tokens, stake them on an exchange to earn rewards or diversify their cryptocurrency holdings by investing in other tokens. 

Throughout the year, there have been a number of transfers of tokens like Bitcoin and Ether from outdated wallets to exchanges.

Update on the Price of Bitcoin and the Impact of Cryptocurrency Whales on Market Attitude

The price table given illustrates how much Bitcoin is now worth in relation to other trading pairs, including USD, USDT (Tether), and BUSD (Binance USD). The current value of BTC/USD is $21,161.30.

SymbolPriceChange24h High24h Low

At least four instances of old wallets moving Bitcoin worth millions to exchanges or other wallets occurred in April. 

Due to the significant amounts of tokens that these wallets keep in their digital wallets, they are sometimes referred to as “whales” in the cryptocurrency world. 

Whales are important participants in the cryptocurrency market, and their activities may significantly affect a token’s price and reputation.

Cryptocurrencies Titans’ Transfers: Understanding Potential Drivers and Market Impact

Large cryptocurrency transfers from whales to exchanges might indicate a number of things:

  • Selling Objective: Whales may have plans to sell off a sizable percentage of their assets. Such substantial sell orders have the potential to short-term price decreases or market swings.
  • Trading Techniques: Whales may be using a variety of trading techniques, such as market-making or arbitrage, which entail transferring money between marketplaces and wallets to take advantage of price discrepancies.
  • Farming by output or staking: Some whales can yield farming or staking their tokens on exchanges in order to profit from their holdings.
  • Diversification: It’s possible that whales are attempting to diversify their cryptocurrency holdings by investing money in a variety of tokens or assets.
  • Market Attitude: The behavior of whales can affect market sentiment. If they are observed amassing tokens, it might produce a bullish perspective for that specific token, whilst substantial sell-offs could point to a gloomy future.

An essential component of market analysis and investment strategies is navigating the impact of cryptocurrency whales.

Given the extent of their holdings, these whales’ activities have a considerable impact on the price and sentiment surrounding a specific cryptocurrency. 

It’s critical to keep an eye on these significant moves as the cryptocurrency market develops and to take them into account when assessing market trends and making investing decisions.

Related Articles


Please enter your comment!
Please enter your name here

Latest Articles