Bitcoin Whale and Ethereum ICO members deposit $250 million in holdings on exchanges

Two separate whales, each with more than 9 figures in crypto, have transferred to the exchanges’ holdings in the last 24 hours.

A whale owned an address that participated in the Ethereum ICO in 2014 and hadn’t moved its coins since.

• As revealed Per Twitter blockchain tracker Lookonchain, an Ethereum ICO participant moved 61,216 ETH worth $116 million to crypto exchange Kraken on Tuesday.
• According etherscan, the address had no other significant activity, having received its entire stash of ETH from the Ethereum Genesis address more than 2911 days ago. At the time, ETH was worth just $0.31.
• The Genesis address is often referred to as a “black hole” – any crypto sent there cannot be recovered, yet it remains one of the richest Ethereum addresses on the network, holding 11,743 ETH at the time of writing. .
• Before his transfer, the ICO participant appeared to make a test transaction worth 0.5 ETH, before sending his entire stash of ETH to the exchange.
  The next day, Lookonchain Announced that a separate Bitcoin (BTC) whale had transferred a whopping $4,451 BTC to Binance, worth another $133 million.

• “The last time the whale deposited a large amount of BTC (5,000 BTC, worth $118 million) on Binance was Jan 30, and the BTC price dropped ~4.2% after the deposit,” indicated the account.

• Experts often see a rising balance of Bitcoin on exchanges as a sign that investors are intent on selling their coins.
• This year, the US government announced an even larger sale of Bitcoin belonging to the large pile (~9000 BTC) seized from the Silk Road hacker in 2021.
• On-chain data shows the government transferred a similarly sized batch of BTC from his wallet this month, possibly signaling another sale.