Crypto whale suddenly moved $ 24 million to Ethereum

A cryptocurrency whale that participated in the Ethereum ICO in 2015 and bought 254,900 ETH has woken up after 6 months of inactivity. The user transferred 7000 ETH to the Kraken exchange.

Currently, the whale still owns a huge $ 139 million, making him one of the most successful ETH investors. After acquiring his substantial ETH holdings at an ICO price of just $ 0.311 per ETH, this whale took a big step forward by moving approximately $ 24.28 million to the Kraken exchange.

The whale’s long period of inactivity drew attention to this transaction. The investor still holds 40,069 ETH, which is now worth about $ 139 million. This demonstrates the return on investment achieved by early Ethereum users, but also highlights the significant impact that such large holders can have on the market when they decide to move their assets.

Such whale movements are often a cause for concern in the cryptocurrency world. Huge transfers to the exchange sometimes precede significant sell-offs, which can put downward pressure on the price of an asset.

Lending or even using the assets as leverage for other investments are a few other strategic reasons why a whale might take such a position. Long-term investors have the ability to pause for long periods before acting sharply to influence market sentiment and price movements. In addition, the whale’s decision to sell now may be related to a risk mitigation strategy.