Ethereum ICO Whale Moves $12M to Kraken Amid ETH Price Slump

An Ethereum (ETH) whale from the ICO era has transferred $12.1 million worth of ETH to Kraken, according to blockchain analytics platform Spot On Chain. This investor, who originally received 107,000 ETH during Ethereum’s genesis block, spent just $31,000 for the entire stash—valuing each ETH at under $0.30. At today’s prices, that amount is worth approximately $243 million.

Ethereum, currently trading near $2,270, remains the worst performer among the top 10 cryptocurrencies, falling 3.2% over the past week and 1.2% in the last 24 hours, based on CoinGecko data. Despite Bitcoin’s new all-time high set in May, ETH is still down more than 50% from its peak in late 2021.

This is not the only sign of old Ethereum whales re-emerging. Earlier this week, another dormant wallet linked to Ethereum’s initial coin offering sent over $5 million worth of ETH to Binance after nearly 10 years of inactivity. These movements have sparked speculation that long-time holders may be looking to cash out or rebalance portfolios amid ongoing market uncertainty.

Massive whale transactions often precede increased market volatility, as large deposits to centralized exchanges may signal potential selling pressure. Analysts continue to monitor these legacy wallets as Ethereum battles a sluggish recovery compared to Bitcoin and faces broader investor concerns over regulatory uncertainty and lackluster network upgrades.

Ethereum’s price struggles and recent whale activity underscore shifting dynamics in the crypto landscape. As the market awaits fresh catalysts, all eyes remain on whether Ethereum can regain its momentum—or if more early adopters will start moving their long-held ETH.