An Ethereum initial coin offering (ICO) participant and one of the early backers of the smart contract platform recently transferred 6,000 ETH worth $9.96 million to Kraken, a cryptocurrency exchange. data LookOnChain reveals on September 18th.
An unidentified whale received 254,908 ETH during a crowdfunding in 2014 when each traded at 40.31. This amount currently stands at over $466 million at spot rates.
ETH Whale Transfer: EtherScan
Ethereum whales transfer over $9.96 million to Kraken
The anonymous nature of public blockchains, including Ethereum, makes it difficult to decipher the identity of the owner. It is also more complex to determine whether an entity or individual controls an address.
Whale transfers are generally considered bearish on crypto exchanges as the ramp provides an easy swapping option for token holders to cash out. Typically, crypto whales have the ability to influence the market due to the sheer size of their holdings.
Accordingly, their trading decisions may affect prices, leading to increased volatility. Therefore, recent deposits to Kraken may suggest that whales are planning to sell for a profit.
The nice thing is that whales can take their coins through an intermediary before transferring them to other platforms like Rocket Pool or Lido Finance for staking, in this case, Kraken.
In the current proof-of-stake consensus algorithm used by Ethereum, whales can earn annual staking rewards if they lock at least 32 ETH. While whales can set up a node and stake, liquidity staking providers like Rocket Pool allow users to stake coins and earn staking rewards using their infrastructure.
As of September 18, are over 804,000 validators, that is, users who have locked at least 32 ETH operating an Ethereum full node. Cumulatively, more than 25.7 million ETH has been locked up.
Verifier Number: Beacon.in
ETH prices are recovering
At the time of this writing, the move on September 18 comes amid a broader correction in the crypto market. Of note, Ethereum (ETH) prices are up about 6% from September lows. Overall, supporters are excited and are expecting more growth in the coming days.
The pump also means that bulls have reversed some of the September 11 losses, and the current formation could consolidate the next leg that could take the coin above $1,750 or the August 29 high, and later This may reduce the sharp losses recorded on August 17.
Ethereum price on September 18th. Source: ETHUSDT on Binance, TradingView
From the candlestick arrangement in the daily chart, ETH remains under pressure, having fallen 23% from the 2023 high of around $2,140.
However, since the bears did not reverse the losses from the June to July phase, buyers have an opportunity after the rejection of the lower low of the Q3 2023 trade range around the 78.6% Fibonacci retracement level. Currently, the September and August 2023 lows remain important support levels for ETH, with the September 11 low and August 17 low of concern for optimistic traders.
Feature image from Canva, chart from TradingView
source: www.newsbtc.com
