Whales Execute Massive Ethereum Sales Worth $113 Million

One of the participants in Ethereum’s 2014 initial coin offering (ICO) sold approximately $113 million worth of ETH in the past two weeks.

Sales Activity

On-chain tracker Lookonchain reported that the whale transferred 5,000 ETH to a Kraken storage address on Monday, continuing a selling spree initiated last month.

Since September 22, the whale has sold a total of 45,000 ETH worth $113.2 million. The address still holds 94,500 ETH, valued at around $230.2 million.

Lookonchain indicated that the ICO participant acquired 150,000 ETH at a total cost of $46,500 in the genesis block, which means an average price of $0.31 per ETH. Recently, they sold 45,000 ETH at an average of $2,516, achieving a return of 811,513%.

As of the writing, ETH is trading at around $2,437.

Other Whale Activities

Lookonchain also highlighted another whale’s trading activities involving memecoins. This whale sold POPCAT for a profit and purchased GIGA. Currently, POPCAT is trading at $1.23, having lost about 7% in the last 24 hours, while Gigachad (GIGA) is trading at $0.0496, showing an increase of over 2% in the past day.

Such significant sales are believed to have considerable effects on the market.

Current Status

The movements of large whales in Ethereum $2,646 and other cryptocurrencies can lead to market fluctuations. It may be beneficial for traders to closely monitor these developments.