The latest data from Lookonchain on September 18th shows that participants in Ethereum's initial token issuance (ICO) and one of the earliest supporters of the smart contract platform have transferred $9.96 million worth of 6000ETH to the cryptocurrency exchange Kraken
The latest data from Lookonchain on September 18th shows that participants in Ethereum's initial token issuance (ICO) and one of the earliest supporters of the smart contract platform have transferred $9.96 million worth of 6000ETH to the cryptocurrency exchange Kraken.
During the 2014 crowdfunding period, this unidentified giant whale received 254908ETH at a price of 40.31ETH. At the spot exchange rate, this amount is currently worth over 466 million US dollars.
ETH Whale Transfer
Ethereum Whale transferred over $9.96 million to Kraken
The anonymous nature of public blockchains, including Ethereum, makes it even more difficult to decipher the identity of the owner. Determining whether the address is controlled by an entity or an individual is also more complex.
The transfer of a giant whale to a cryptocurrency exchange is often considered bearish, as the slope provides token holders with a more easily redeemable exchange option. Usually, cryptowhales have the potential to affect the market due to their large holdings.
Therefore, their trading decisions will affect prices and increase volatility. Therefore, the recent deposit of funds into Kraken may indicate that the giant whale plans to sell and make a profit.
On the positive side, giant whales can transfer their tokens through intermediaries (in this case Kraken) and then transfer them to other platforms such as RocketPool or LidoFinance for pledge.
In the current proof of equity consensus algorithm used by Ethereum, whales can receive annual pledge rewards if they lock in at least 32 ETHs. Although giant whales can establish nodes and pledge, mobile pledge providers like RocketPool allow users to use their infrastructure to pledge tokens and earn pledge rewards.
As of September 18th, there were over 804000 validators, i.e. users who have locked in at least 32ETH running Ethereum on all nodes. Accumulated locks of over 25.7 million ETHs.
Number of validators
ETH price rebound
As of the time of writing, the transfer on September 18th coincided with a comprehensive recovery in the cryptocurrency market. It is worth noting that Ethereum (ETH) prices have increased by approximately 6% compared to the September low. Overall, supporters are optimistic and expect more growth in the coming days.
This also means that the bulls have reversed some of the decline on September 11th, and the current pattern may anchor the next round of gains, driving the token to break above the high of $1750 or August 29th, and subsequently recoup the significant decline recorded on August 17th.
Ethereum Price on September 18th
From the candlestick arrangement of the daily chart, ETH still faces pressure, down 23% from its peak of around $2140 in 2023.
However, due to the failure of bears to reverse the upward trend from June to July, buyers have the opportunity to reject the lower low near the 78.6% Fibonacci retracement range in the third quarter of 2023. At present, the low points of September and August 2023 remain a key support level for ETH, and retesting the low points of August 17 on September 11 has raised concerns among optimistic traders.
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