What Occurred When Whales Transferred Ethereum Valued at 219 Million
Spot On Chain, an on-chain analysis firm, has reported two significant Ethereum transactions totaling 8,510 ETH, equivalent to $21.9 million. These transactions have caught the attention of the crypto community, as they involve an Ethereum ICO participant and Genesis Trading’s bankruptcy wallet. Let’s delve into the details of these transactions and the wallets involved.
In the last 9 hours, two major players in the market, including the Ethereum ICO whale “0xb8c” and Genesis Trading’s bankruptcy wallet, have deposited 8,510 ETH ($21.9M) to cryptocurrency exchanges (CEXs). The Ethereum ICO whale, with the wallet address “0xb8c,” has sent 3,510 ETH ($9.04M) to Kraken, marking their return to the exchange after a three-month hiatus. This particular whale still holds a significant amount of Ethereum.
The wallet address “0xB1E5…E2be” has been actively moving 3,510 Ethereum tokens in the last 12 hours through two transactions. These transactions occurred just one hour apart, with one involving 10 Ethereum and the other involving 3,500 Ethereum. Both transactions, totaling $9.04 million worth of Ethereum, were sent to the wallet address “0xb44D…A7fa,” which is believed to be a Kraken deposit wallet according to Spot On Chain. Interestingly, this whale received 150,000 tokens during the 2015 ETH ICO at a price of $0.31, spending a total of $46.6k for ICO participation.
Since July 31, 2019, this ICO whale has deposited a total of 18,510 ETH to Kraken and Bitfinex at an average price of $2,461. The whale made a significant move of 10,000 ETH between June 16 and 18, 2024, just before the price of Ethereum experienced a sharp decline. Currently, the whale holds 135,940 ETH, valued at around $350 million, spread across eight different wallets.
Another intriguing transaction involves Genesis, a crypto lender firm that filed for bankruptcy in January 2023 and owed investors approximately $3 billion. In August of this year, Genesis moved a combined total of $3 billion worth of funds in Bitcoin (32,256) and ETH (256,775). Recently, the firm transferred 143,379 ETH to a wallet address “0xC62c…46C4,” which has been distributing various amounts of Ethereum tokens to different accounts. The pattern of transactions suggests that Genesis is repaying its creditors. On August 2, the same wallet transferred 114,502.54 ETH to another wallet address “0x999E….946E.” Just six hours ago, this latter wallet moved 5,000 ETH to FalconX through yet another wallet address “0xf4F0…E99c.”
These transactions have caused a slight shift in Ethereum’s price, with a 1% retracement. However, industry experts do not consider this to be a significant development. It is evident from the transactions that the ICO whale is systematically profiting after nine years of waiting, while Genesis is repaying its creditors. Analysts perceive both transactions as legitimate and important for the crypto community.
Tags: Ethereum