Ancient Ethereum Whale from ICO Times Returns, Transfers 145,000 ETH

ETH

Ethereum address that was last active back in 2014 makes big return to market

An ethereum wallet that has been dormant since the ICO of the second largest network in the market suddenly woke up and Transfer Large amount of tokens in the list of unmarked wallets. The entire amount was split into 5,000 ETH per wallet.

The initial source of ETH for the whale was participation in the Ethereum Genesis ICO that took place back in 2014, when the foundation offered 1 ETH for $0.31. Unfortunately, our whale decided to sell part of the obtained ETH on the Bitfinex3 exchange back on July 31, 2019, for $219 per coin. The total value of the deal was around $1 million.

As of today, the remaining 145,000 could easily be sold for around $250 million, considering the potential downside would be such a great deal momentarily if sold via a market order.

But at the same time, it is unlikely that the whale is going to sell his holdings, as the nature of the transaction does not look like it is all going to the exchange. The most likely scenario is that the investor is going to open some Ethereum 2.0 nodes to receive passive income.

What if 145,000 ETH is sold in the market?

Noting the slight correction in Ethereum, some crypto community members assumed that whales were going to sell part of their holdings when ETH traded around $2,000 and cheapen it when ETH dropped below $1,000. gives.

Luckily for crypto investors, $200 million in selling pressure is not enough to crash the Ethereum market completely as the biggest centralized exchanges and OTC desks will ‌cover selling demand without causing an extreme volatility spike.

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