200,000 Ethereum Genesis Whale Awakens: $11.37 Million Sent to Kraken

A whale that received 200,000 eth during ethereum's genesis block in 2015 has moved closer to completing its exit from the market, transferring 3,370 eth (valued at $11.37 million) to Kraken.

According to data shared by crypto analyst EmberCN, the whale transferred 48,687 ethereum (eth) to Kraken throughout 2024. The move was worth approximately $171.78 million at an average transfer price of $3,528.

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With only 7,594 eth ($25.72 million) remaining in its wallet, it seems likely that the whale will complete its exit within one or two more sells.

etherscan data reveals a consistent pattern of large transfers throughout 2024:

• December 7: 4,453.3997 eth
• Nov 25: 5,597.12775107 eth
• Nov 13: 5,707.96432246 eth
• July 30: 9,756,742 eth

This selling activity comes as ethereum trades between $3,328.47 and $3,410.29 over the past 24 hours, with a weekly range spanning between $3,239.45 and $3,512.12. The nature of these transfers suggests a carefully planned exit strategy from your genesis block allocation.

The movement of early ethereum investors has become more noticeable recently. In a separate but notable development, another ICO participant woke up from a 9.4-year dormancy period on December 27, depositing 631.1 eth ($2.14 million) on Coinbase.

This particular wallet originally received 1,940 eth during the genesis block, worth only $601 at the time, and still has 1,309 eth (approximately $4.4 million).

The move comes as analysts have identified a bullish inverse head and shoulders pattern.

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If eth shows a breakout, the price could soon reach $7,300, according to crypto analyst Patel.

In another analysis, analyst Juan Téllez shared expectations for when eth will start outperforming btc. In the last two market cycles, eth only outperformed btc during the expansion phase of the business cycle, he says.

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The analyst identified signs of a possible reversal in the eth/btc ratio and suggested that the point of outperformance has not yet been reached.