Key Points
- Ethereum (ETH) price has surged, but some whale wallets are moving large amounts of ETH to centralized exchanges.
- The Ethereum Foundation and other significant players are also selling off ETH, raising concerns about the market’s stability.
The value of Ethereum (ETH) has risen by over 2% in the last 24 hours, maintaining the upward trend it started six days ago. Despite this, some large-scale Ethereum holders are moving away from the bullish trend.
Ethereum Whales Moving Funds
According to Spot On Chain, an on-chain analytics firm, an Ethereum ICO participant and a wallet associated with Genesis have collectively transferred 8,510 ETH (approximately $21.9 million) to a centralized exchange.
The analytics firm reported that an Ethereum ICO whale with the address “0xb8c” has transferred 3,510 ETH (valued at around $9.04 million) to the Kraken crypto exchange after a three-month hiatus. However, this whale is still holding a substantial amount of 136,000 ETH (about $358 million) across eight wallets.
A wallet linked to crypto lending company Genesis has transferred 5,000 ETH (around $12.9 million) to FalconX. After filing for bankruptcy in 2023, Genesis is expected to repay its investors a total of $3 billion. The sell-off by Genesis implies that the firm is paying its creditors.
Additional Ethereum Sell-offs
The Ethereum Foundation, an organization established to support Ethereum, sold 100 ETH (approximately $264,000), marking another sale in less than 3 days. This brings the total ETH sale of the organization since January 2024 to 3,566 ETH, roughly $9.94 million.
Despite these large ETH transfers, the impact on the ETH market is yet to be fully felt as the coin’s price has continued its upward trend for the past six days. The coin has only retraced by 4% from $2,632 to $2,519 on Sunday but has since rebounded, gaining more than 2% in the last 24 hours.
These transfers could be seen as a strategy to take profits after years of waiting. This is similar to another whale move, who bought ETH during the bear market and sold it during the bull market, making a total of $171.72 million.
The sale by Genesis could be part of their strategy to repay its creditors. However, a continuous sell-off could raise concerns among retail investors, potentially leading to panic selling and ultimately bringing the price of the coin down.
