One of the oldest Ethereum investors who managed to buy tokens during its ICO in 2014 has shown high activity recently, moving a large amount of ETH to one of the most popular crypto exchanges. According to sources, the ETH whale caused a stir in the crypto market by depositing its 5,000 ETH tokens to the OKX exchange. The sources further claimed that the whale plans to pour a big sum into the Qubetics ICO, which is currently in its whitelist stage.
Major Ethereum Whale on the Move
The Ethereum ICO-era whale purchased one million ETH during the 2014 crowd sale at $0.311 per token and has been offloading a significant part of their coins over the last month. On Monday, the whale made another transaction of 5,000 ETH that, at the current rates, is equivalent to about $13.2 million to the centralized exchange OKX, sources revealed to DeyThere.com.
This deposit is not the first of its kind as the whale has been actively moving 48,500 ETH in 35 days, which is about $154 million in today’s value. These actions have caused quite some speculation within the cryptosphere, as deposits to exchanges are normally viewed as bearish, as the original holder is likely to sell their Ethereum therefore putting negative pressure on the price.
Whale Continues Month-Long Deposit Spree
The whale’s most recent 5,000 ETH deposit is as follows: This selling spree has been going on for a month. This has been pointed out by Blockchain analytics firm Lookonchain, which notes that in a period of more than a month the whale has deposited an average of 48,500 ETH, that is equivalent to $154 million in the OKX exchange. The fact that this selling is happening is important especially because of the size of ETH being sold and possible effects on the market.
Normally, when a large holder sends cryptocurrency to an exchange, it may indicate they are planning to sell them. This could result to selling pressure, thus making the price of Ethereum to decrease. Based on the fact that this particular whale was among the pioneers of Ethereum, the movements that it has been making can be deemed as indicative of the rest of initial investors. Sources claimed that Qubetics ICO is on the radar of the Ethereum-era whale as the layer-1 blockchain project is set to kick off its much-anticipated presale very soon.
“Such whales hold the power to manipulate transactions and the fact that this selling indicates a reality that cannot be ignored,” said a Lookonchain representative. The whale keeps 15,600 ETH, which costs around $47m, in the GnosisSafe wallet address, and the market is still waiting to see if more dumping is coming.
Another Whale Buys the Dip
Rather curiously, when the ICO whale was busy selling its Ethereum, another whale was moving in the opposite direction. In the same day that the 5,000 ETH deposit to the OKX exchange was made, a different whale bought the same amount of ETH, which was equivalent to nearly $13 million.
This whale’s purchase occurs in parallel with the Ethereum’s price movements that have been recently observed. The last time this whale bought the dip was during Ethereum’s low at $2,100 before the $3,000-plus bounce. This indicates that some investors are still optimistic about the future of Ethereum even if the ICO-era whale is selling.
“It’s clear that while some are selling, others see this as a buying opportunity, indicating the mixed sentiment in the market right now,” said an analyst from Scopescan, a Blockchain data firm.
Market Implications and Speculation
These big ETH holders’ mass movements have drawn quite a lot of attention and been the subject of discussion in the Ethereum community. Big sales and purchases, especially by insiders or first movers, affect the overall mood and volatility in the market. The situation when one whale is selling and another one is buying shows that market sentiments are not the same.
Ethereum has been able to hold its ground against selling pressure by the bulls in the past and the market is on the lookout for the next move of these whales. If this ICO-era whale keeps on selling, it may put more pressure on the Ethereum price to go down. On the other hand, if other big investors persist with their purchase of a dip, then it may suggest high support levels and possibility of a price recovery.
The cryptocurrency market remains unpredictable, and even though the large holders have the capability to shift the prices in the short-term, the long term trend of crypto market is dependent on many factors including the investors’ attitude towards cryptocurrencies, legal frameworks regarding cryptocurrencies across the world, and developments on the Ethereum platform.
Conclusion
The recent activities of the Ethereum ICO-era whales and other large holders have once again proved that the crypto market is highly volatile. While one whale is enjoying a $154 million selling spree, another has been actively accumulating large quantities of ETH, thus painting a rather two sided picture for the market’s big fishes. Moreover, rising interest of whales in Qubetics (TICS) gives crypto enthusiasts another reason to believe in a prosperous future for the crypto industry, especially the new and upcoming crypto projects.
Currently, the market has remained anxious, and most of the investors are still observing these large transactions to be able to know the next movement of Ethereum price. Whether this selling spree will trigger a much worse upset or if the market will handle it and bounce back is yet to be witnessed. What remains obvious is that Ethereum’s whales remain key to the market in giving it the direction that it needs.
