An Ethereum Initial Coin Offering (ICO) participant, who had been inactive for two years, has re-entered the spotlight after moving a portion of their vast holdings. This early investor, originally receiving 150,000 ETH during Ethereum’s Genesis block for just $46,500, has seen their portfolio grow to an incredible $389.7 million. Recently, the investor transferred 3,510 ETH, worth approximately $9.12 million, to the Kraken exchange, as reported by Lookonchain.
Despite the transfer, they still hold a sizable 11,489.99 ETH, valued at $30.6 million, alongside 16 different tokens. This sudden activity has sparked renewed interest in long-term Ethereum holders and their influence on the market.
Ethereum Foundation’s Ongoing ETH Sales
While individual whale movements are uncommon, the Ethereum Foundation has maintained a more consistent pattern of ETH liquidations. On September 21, the Foundation sold 300 ETH for approximately $763,000 at an average price of $2,543 per ETH, converting the proceeds into stablecoin DAI. This sale is part of a regular cycle, with two previous sales in September alone, valued at $226,868 and $1.029 million. In total, the Foundation has sold 950 ETH this month, amounting to $2.27 million.
These sales attract attention from market observers due to their potential impact on market sentiment. While the amounts may seem modest compared to the total ETH supply, regular liquidations suggest the Foundation could be adjusting its portfolio or funding operations. Additionally, on September 6, a notable transfer of 1,000 ETH—valued at $2.38 million—was made to a multi-signature wallet linked to the Foundation during a period of Ethereum price decline.
The timing of these transactions, particularly during price dips, has raised questions about whether they are for operational needs or represent strategic moves designed to align with market lows for better returns.
Ethereum’s Market Impact
As Ethereum nears critical market events, these moves by early ICO investors and the Ethereum Foundation add layers of intrigue to the market. With this recent reactivation by a dormant participant and the Foundation’s regular ETH sales, Ethereum continues to be a focal point of market attention.
