ETH Price Drops 5%, Ethereum ICO Whale Moves $20 Million ETH to Kraken
Ethereum (ETH), the world’s second largest cryptocurrency, remained under strong selling pressure and fell slightly below $3,400 levels. As of the moment the article was published, ETH price is trading at $3,436, down 4.23%, and its market value is $420 billion. On-chain data shows that Ethereum ICO participants are now liquidating their holdings after a decade.
Ethereum ICO Whale Deposited 5.5 Thousand ETH to kraken
On-chain data provider SpotOnChain recently reported significant activity from an early Ethereum ICO participant, a few hours before ETH price faced strong selling pressure. According to the report, the ICO whale deposited a total of 5.5 thousand ETH worth $19.3 million on the Kraken exchange.
Interestingly, it was revealed that the same participant moved a total of 10 thousand ETH worth $35.4 million to Kraken in the last two days. Whale acquired 150 thousand ETH in 2015 at the ICO price of $ 0.31, and the total investment value was only 46.6 thousand dollars. Despite the recent transfers, the whale participant still holds a total of 139 thousand ETH in three wallets, worth $476 million.
Disadvantage in ETH Price is Limited
Ethereum has been testing investors’ patience over the past few weeks. ETH price is moving sideways after failing to surpass the $4,000 resistance. Ethereum price has corrected almost 15% so far in June.
Despite this, on-chain indicators continue to show strength for Ethereum. A large amount of 4.1 million ETH was withdrawn from exchanges in the last ten days. According to data from Glassnode, there are only 12 million Ethereum, or 10% of the total Ether supply, on centralized exchanges. This is the lowest level of ETH supply on centralized exchanges since 2016.
This bullish on-chain development, coupled with the launch of the spot Ethereum ETF, could lead to strong capital inflows for Ethereum. Bloomberg analyst Eric Balchunas expects spot Ethereum ETFs to be open for trading by July 2. Therefore, this could be the last pullback before the ETF opens for trading and the ETH price begins to rise.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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