A whale from Ethereum’s 2015 ICO has sold 18,700 ETH worth $34.11 million. This sale coincides with the Pectra upgrade, raising concerns about market pressure on ETH prices. The whale still retains 11,000 ETH valued at $20.2 million, hinting at potential future sell-offs. As traders monitor these developments, Ethereum’s market sentiment remains tense with struggles at resistance levels.
In a significant move shaking up the crypto market, a whale from Ethereum’s 2015 Initial Coin Offering (ICO) has sold a staggering 18,700 ETH, equivalent to around $34.11 million, over the past week. This hefty transfer to a crypto exchange tends to stir up tensions in the market, especially as we approach the activation of Ethereum’s Pectra upgrade.
The whale — who originally invested in 76,000 ETH at a mere $0.31 per token — isn’t stopping there. An additional 2,700 ETH, valued at approximately $4.96 million, was moved to Kraken. This continued selling spree has seen this investor averaging their selling price at $1,824 per ETH, leading to substantial profits from their initial investment.
On-chain analyst Ai 姨 (@ai_9684xtpa) highlighted this activity using the analytics platform Arkham Intelligence. They found that the whale still holds a hefty 11,000 ETH, valued at around $20.2 million. This reveals a potential for further sales, as this whale has been noted for significant offloads previously, including a sale of 14,000 ETH for about $24.75 million.
The timing of these sales is particularly striking, coinciding with the Ethereum Pectra upgrade, which officially went live on the mainnet at epoch 364032 just today. This dual-layer hard fork is set to provide enhanced features like improved staking mechanics, introduce smart accounts via EIP-7702, and raise blob throughput for rollups.
Although this upgrade aims to enhance Ethereum’s scalability and validator operations, the ongoing selling by the whale has stirred worries over potential bearish pressure on ETH prices. Recently, market sentiment has already appeared strained, with Ethereum struggling to ascend beyond the resistant $1,800 mark.
As the Pectra upgrade unfolds, traders remain vigilant, eyeing the whale’s activities and closely monitoring on-chain data for any signs of market shifts. While Ethereum’s fundamentals seem robust, the actions of early ICO investors cast a shadow over the immediate price outlook, prompting caution among investors in these turbulent times.
Also, notable was a reported movement of over $100,000 from the wallets of Jeffy Yu following his passing. This too has raised concerns in the crypto community.
