A long-dormant Ethereum whale from the ICO era has moved 1,500 ETH—about $6 million—to the Kraken exchange in a recent transaction. The wallet originally received 20,000 ETH for $6,200 during the Ethereum ICO, a position now valued at approximately $80.4 million, representing a 12,971x gain.
The transfer suggests potential profit-taking as funds moved from a self-custodied wallet to a centralized exchange, a pattern that often precedes selling. However, an exchange deposit does not guarantee immediate liquidation, and the intent behind the transaction remains unconfirmed.
The activity highlights the significant unrealized gains held by early Ethereum participants and the outsized impact that long-inactive addresses can have when they re-enter the market. Observers will be watching for additional transfers from the address and any corresponding changes in exchange balances, which could provide further clues about market impact.
As with all large on-chain movements, the broader market reaction will depend on follow-through activity on exchanges and overall liquidity conditions.