![BitTorrent [New]](https://s2.coinmarketcap.com/static/img/coins/64x64/16086.png)
An Ethereum ICO whale has transferred 4,160 ETH, valued at approximately $14.5 million, to Kraken, sparking concerns of selling pressure among investors. Historically known for strategic profit-taking during market peaks, this whale’s move could trigger short-term price fluctuations in the Ethereum market.
Whale Activity Raises Selling Pressure Concerns
On December 25th, at 21:20 UTC, an Ethereum ICO whale executed a transaction transferring 4,160 ETH to Kraken. According to data from SpotOnChain, this wallet participated in Ethereum’s ICO in 2015, acquiring ETH at a mere $0.31 per token.
This whale’s trading history includes:
- December 4, 2024: Sold 2,719 ETH (approximately $10.1 million) when Ethereum reached $4,000.
- September and October 2024: Liquidated a total of 60 ETH for $158,000.
The consistent pattern involves selling significant amounts at key price levels, taking advantage of market highs. Currently, the wallet retains 7,043 ETH worth $24.6 million, with a majority of these holdings staked.
Historical Context and Market Impact
Large transfers like this often result in short-term selling pressure on Ethereum. Similar incidents include:
- October 2024: A whale offloaded 19,000 ETH (valued at $31.6 million).
- Another ICO participant moved 5,000 ETH ($12.2 million) to Kraken.
Such moves typically heighten bearish sentiment among investors and lead to temporary price volatility in the Ethereum market.
Ethereum’s Current Performance
As of this writing, Ethereum is trading at $3,438, reflecting a 1.5% loss over the past 24 hours. Despite the holiday season, Ethereum has struggled to maintain momentum in the broader market rally.
Ryan Lee, Chief Analyst at Bitget Research, anticipates Ethereum could test the $105,000 level post-holidays, as liquidity in the markets increases. However, analysts caution that significant whale transfers like this one could suppress prices in the short term.
For more updates on Ethereum and the broader cryptocurrency market, visit Turkish NY Radio for in-depth coverage and insights.
