Ethereum Whale Moves $12 Million to Kraken After Years of Silence
An early Ethereum investor just made waves by transferring a staggering $12.1 million worth of ETH to Kraken. According to Spot On Chain, this whale was part of Ethereum’s initial coin offering (ICO) back in the day—back when ETH was practically pennies.
The numbers are hard to ignore. This person originally scooped up 107,000 ETH during Genesis, paying just $31,000 for the lot. At today’s prices, that stash would be worth around $243 million. But here’s the thing: they’ve held onto it for years without budging. Until now.
ETH’s Rough Week Gets Rougher
Timing is everything, and this move comes while Ethereum’s having a bit of a slump. Over the past week, it’s dropped 3.2%, making it the worst performer among the top 10 cryptocurrencies. Even in the last 24 hours, it’s down another 1.2%.
What’s weird is that Bitcoin smashed its all-time high back in May, but ETH? It’s still sitting about 50.5% below its peak from late 2021. That’s got some people scratching their heads. Maybe the whale thinks it’s not climbing back anytime soon—or maybe they just need the cash. Who knows?
Another Whale Wakes Up
This isn’t the only ICO-era whale stirring this week. Just a few days ago, someone else dumped over $5 million in ETH onto Binance after a full decade of radio silence. That’s a long time to sit on a fortune without touching it.
It makes you wonder—are these big players sensing a shift? Or is it just coincidence? Either way, when whales move this much money, people pay attention. Sometimes it means nothing. Sometimes it’s a sign.
For now, all we’ve got are the facts: $12.1 million just changed hands, and Ethereum’s still struggling to catch up with Bitcoin’s rally. Whether that’s a blip or something bigger, well, we’ll have to wait and see.
