Analysis of the 200k Ethereum Genesis Whale’s Movement
A significant event has occurred in the Ethereum ecosystem, with a whale who received 200,000 ETH during the 2015 genesis block transferring 3,370 ETH, valued at $11.37 million, to Kraken. This movement is part of a larger pattern of the whale gradually selling off their holdings, with a total of 48,687 ETH (worth approximately $171.78 million) transferred to Kraken throughout 2024 at an average price of $3,528.
The whale’s wallet, which can be tracked on Etherscan, reveals a consistent pattern of large transfers:
* December 7: 4,453.3997 ETH
* November 25: 5,597.12775107 ETH
* November 13: 5,707.96432246 ETH
* July 30: 9,756.742 ETH
With only 7,594 ETH ($25.72 million) remaining in their wallet, it appears that the whale is likely to complete their exit within one to two more sales. This selling activity comes as Ethereum trades between $3,328.47 and $3,410.29 in the past 24 hours, with the weekly range spanning from $3,239.45 to $3,512.12.
The nature of these transfers suggests a carefully planned exit strategy from their genesis block allocation. The movement of early Ethereum investors has become more noticeable recently, with another ICO participant waking up from a 9.4-year dormancy period on December 27, depositing 631.1 ETH ($2.14 million) to Coinbase.
Market Implications and Predictions
The movement of these whales could have significant implications for the Ethereum market. Analysts have identified a bullish inverse head-and-shoulders pattern, which could indicate a potential breakout. If Ethereum showcases a breakout, the price could soon hit $7,300, according to analyst Crypto Patel.
Additionally, analyst Juan Téllez has shared expectations on when ETH will start outperforming BTC. Over the last two market cycles, ETH has only outperformed BTC during the expansion phase of the economic cycle. While we are not yet in this phase, the analyst has identified signs of a potential reversal in the ETH/BTC ratio, suggesting that the outperformance point hasn’t been reached yet.
Based on these analyses, it is possible that Ethereum could experience a significant price increase in the near future. The whale’s exit strategy and the movement of other early investors could contribute to market volatility, but the overall trend appears to be bullish.
Key Takeaways
- A 200k Ethereum genesis whale has transferred 3,370 ETH ($11.37 million) to Kraken, part of a larger pattern of selling off their holdings.
- The whale has transferred a total of 48,687 ETH (worth approximately $171.78 million) to Kraken throughout 2024.
- With only 7,594 ETH ($25.72 million) remaining in their wallet, the whale is likely to complete their exit within one to two more sales.
- Analysts have identified a bullish inverse head-and-shoulders pattern, which could indicate a potential breakout.
- The price of Ethereum could soon hit $7,300 if a breakout occurs.
- ETH is expected to outperform BTC during the expansion phase of the economic cycle, but this point hasn’t been reached yet.
