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Cryptocurrency enthusiasts often get excited by sudden moves from long-silent whales. A recent incident has caused quite a stir within the Ethereum community. According to reports from Spot On Chain, after a long hiatus, a significant Ethereum holder made an unexpected move. This whale executed a major transaction after 13 months, resonating throughout the crypto market.
The Notable Ethereum Transaction
The transaction in question could be seen as an indicator of price movements for altcoin leader Ethereum. An investment of 1,069 ETH, worth $3.56 million, was made to the Kraken exchange when the price of ETH was at $3,329. Depositing tokens to crypto exchanges usually indicates an intent to sell, while withdrawing funds is often interpreted as a buying signal.
The Ethereum Initial Coin Offering (ICO) in 2014 is considered one of the significant milestones in the cryptocurrency world. Investors who participated in the ICO seized the opportunity to invest in Ethereum tokens at a low price, considering the future potential of the cryptocurrency.
The aforementioned whale purchased 12,566 ETH at the ICO price of $0.31 during the early days of Ethereum. Over the years, they distributed the acquired ETH across various wallets and sold a portion of it.
Millions of Dollars Worth of Ethereum
According to data from Spot On Chain, the whale spread 12,566 ETH across 12 different wallets in 2017 and later deposited 4,847 ETH to exchanges like Kraken and Gemini at an average price of $1,637. Currently, they hold 7,719 ETH valued at $25.7 million across eight different wallets.
As of the writing of this article, the leading altcoin ETH has risen to $3,342, a 2.35% increase. Moreover, the withdrawal of $4 billion worth of ETH from exchanges in the last quarter suggests Ethereum holders are inclined to accumulate significant holdings. This trend is interpreted as a sign that the price of Ethereum may rise further in the coming period.
The Ethereum Dencun upgrade on March 13th was long-awaited by the Ethereum community. Following this upgrade, activity on the main optimistic rollups surged, with weekly transaction counts exceeding 32 million, setting a new record. Gas prices, initially significantly lower across many L2 solutions, have risen noticeably with the recent increase in transaction demand.
