Dormant Ethereum ICO Participant Shifts 61,216 ETH To Kraken After 8 Years

After an 8-year dormancy, an early Ethereum ICO participant resurfaces, moving a massive 61,216.5 ETH, worth $116M, to crypto exchange Kraken.

Marking an end to eight years of inactivity, an original Ethereum ICO participant has made headlines by moving an astonishing $116M in ETH to Kraken.

According to reports, this unexpected yet thrilling development in the Ethereum ecosystem occurred recently. A dormant Ether whale, inactive since Ethereum’s 2015 ICO, just transferred 61,216.5 ETH, equivalent to $116.3M, to US-based exchange Kraken.

?? An $ETH ICO participant transferred 61,216.5 ETH at $1,899 ($116.3M) to #Kraken 2 hours ago.

He received 61,216.6 ETH from #Ethereum Genesis on Jul 30, 2015, worth ~$19K at the ICO price of $0.31

and woke up after 8 years of dormancy to move all of its $ETH to #Kraken. pic.twitter.com/e8Oz7U6sFx

— Spot On Chain (@spotonchain) July 19, 2023

Remarkably, the Ethereum participant at the center of this transfer, known by their address 0x8b5, had been in slumber for nearly eight years. 

Interestingly, their initial investment was a relatively modest 61,216.6 ETH, equating to approximately $19,000 in July 2015, considering the ICO price of just $0.31 per ETH. This recent activity has captivated the attention of crypto enthusiasts and market watchers.

Ethereum Price Analysis

The recent movement comes shortly after ETH reclaimed $1,900. According to recent data from CoinMarketCap, Ethereum’s bullish wave appears unstoppable. Despite occasional bear-led pullbacks, the crypto giant remains on an upward trajectory. 

Moreover, day-to-day charts paint a favorable picture for investors who continue to trust in Ethereum’s potential growth. Consequently, market fluctuations highlight robust demand for Ethereum, reflecting prevailing investor confidence. 

Meanwhile, the price of Ethereum stands at a confident $1,909.83, marking a modest 0.52% uptick within the day. Concurrently, the market cap follows the same trajectory, bolstering by 0.52% to hit a whopping $229 billion. Interestingly, the trading volume narrates a different story with a 12.99% slump, dipping to $5 billion.

A focus on support and resistance zones shows that Ethereum has carved a niche at $1,878.72 and $1,918.12, respectively. With the asset flirting close to the resistance zone, the anticipation of a breakout simmers. 

The bulls’ surge above this level could spark further upward hunger, setting the stage for new highs. Conversely, a bearish takeover pushing the price below the support zone might signal a sentiment switch and a possible trend reversal.