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The whale that received 200,000 ETH during the 2015 Ethereum genesis block is close to completing its market exit, transferring 3,370 ETH (worth $11.37 million) to Kraken.
According to data shared by cryptocurrency analyst EmberCN, the whale transferred 48,687 Ethereum (Ethereum) to Kraken throughout 2024. The transaction was worth approximately $171.78 million with an average transfer price of $3,528.
With only 7,594 ETH ($25.72 million) remaining in their wallet, it seems likely that the whale will complete its exit within one or two more sales.
Etherscan data It reveals a consistent pattern of large transfers throughout 2024:
- December 7: 4,453.3997 ETH
- November. 25: 5,597.12775107 Ethereum
- November. 13:5,707.96432246 Ethereum
- July 30: 9,756.742 ETH
This selling activity comes as Ethereum has traded between $3,328.47 and $3,410.29 over the past 24 hours, with a weekly range extending from $3,239.45 to $3,512.12. The nature of these transfers suggests a carefully planned exit strategy from their genesis block allocation.
The movement of early investors in Ethereum has become more visible recently. In a separate but notable development, another ICO participant woke up from a 9.4-year dormancy on December 27, depositing 631.1 Ethereum ($2.14 million) into Coinbase.
This wallet originally received 1,940 ETH during the Genesis block, worth just $601 at the time, and still contains 1,309 ETH (about $4.4 million).
This movement comes at a time when analysts have identified a bullish inverse head and shoulders pattern.
If ETH shows a breakout, the price could soon reach $7,300, according to analyst Crypto Patel.
In another analysis, analyst Juan Tellez shared predictions on when ETH will start to outperform BTC. He says that over the last two market cycles, ETH has only outperformed BTC during the expansion phase of the economic cycle.
The analyst identified signs of a potential reversal in the ETH/BTC ratio and suggested that the point of outperformance has not been reached yet.
