200K Ethereum Genesis Whale Makes $11.37M Transfer to Kraken

A whale who initially received 200,000 ETH during Ethereum's 2015 genesis block has moved closer to finalizing their market exit. In their latest activity, the wallet transferred 3,370 ETH—valued at $11.37 million—to Kraken. With only 7,594 ETH ($25.72 million) remaining, analysts suggest the whale could complete their exit within one or two more transactions.

Consistent Sell-Off Patterns in 2024

Data from Etherscan highlights a series of significant transfers by the whale this year:

• Dec. 7: 4,453.3997 ETH
• Nov. 25: 5,597.1277 ETH
• Nov. 13: 5,707.9643 ETH
• July 30: 9,756.742 ETH

These calculated moves suggest a deliberate exit strategy for their genesis block allocation.

Ethereum Market Dynamics

Ethereum is currently trading between $3,328.47 and $3,410.29, with its weekly range spanning from $3,239.45 to $3,512.12. Despite this whale activity, Ethereum's price remains relatively stable, supported by broader market sentiment.

Dormant ICO Wallet Reawakens

Adding to the notable movements, an ICO-era participant ended a 9.4-year dormancy on Dec. 27 by transferring 631.1 ETH (worth $2.14 million) to Coinbase. This wallet originally received 1,940 ETH during Ethereum's genesis block, valued at just $601 at the time. The wallet still holds 1,309 ETH (approximately $4.4 million).

Bullish Price Predictions for ETH

Market analysts are closely watching Ethereum’s price trajectory. Crypto Patel has identified a bullish inverse head-and-shoulders pattern, suggesting ETH could hit $7,300 if it breaks key resistance levels.

Meanwhile, analyst Juan Téllez noted that Ethereum historically outperforms Bitcoin during the expansion phases of economic cycles. However, he believes the ETH/BTC ratio has yet to reach its reversal point, indicating that Ethereum’s outperformance may be on the horizon.

Investor Takeaway

The activity of Ethereum’s early investors reflects a mix of profit-taking and market optimism. With significant transfers and bullish technical indicators emerging, Ethereum remains a focal point for investors navigating the crypto market’s closing days of 2024.