Despite the general market sentiments, ETH has gained over 50% since the start of the year.
A mysterious Ethereum whale has transferred over 61,000 ether (ETH) to a wallet on the Kraken exchange. The transaction originated from an address that received the coins in the initial coin offering (ICO) eight years ago. Since then, the address has remained dormant until this week, when it sent the entire balance to a new address.
During the pre-mine period when the coins were accumulated, Ether traded at about $300–$400. This suggests the Ethereum whale must have paid roughly $20 million for the assets. However, in today’s market, the assets are now worth about $116m.
Ethereum Whales Get Involved
While the identity and motive of the whale are unknown, there are speculations the investor may just be looking to cash out after seeing ETH reach new highs in 2023.
The whale’s move is not an isolated event, as several other large transactions have been observed in recent months. One Ethereum whale moved ETH worth about $38 million, from Arbitrum (ARB) to Kraken. Another unidentified wallet sent about 25,264 ETH worth $48.3 million to a Coinbase wallet. Elsewhere, an ETH whale moved 30,000 ETH, amounting to nearly $57.7 million, to OKX.
It isn’t just Ethereum whales that are getting involved. In April, an old wallet moved $7.8 million worth of Bitcoin to new wallets. Later, a long-term investor transferred Bitcoin worth $11 million to a new wallet after 12 years of dormancy. These substantial transfers clearly demonstrate the confidence and active involvement of high-net-worth individuals within the cryptocurrency market.
What’s Next for Ethereum?
Despite the general market sentiments, ETH has gained over 50% since the start of the year. The asset reached a high of $2,126.32 on 14 April. Currently, the coin is trading at around $1,900, with a market capitalization of over $229 billion.
Ethereum’s prospects for 2023 and beyond remain positive, as the network continues to evolve and innovate. Ethereum has already launched the Beacon Chain. The network is expected to merge with the current PoW chain by the end of the year or early 2024. Analysts expect the coin to benefit from its network upgrades, growing adoption, and increasing demand.
According to Gov Capital’s Ethereum price forecast for 2023, the coin might reach $2,896 by the end of the year. The coin is also predicted to grow by about 116% within the next year to reach $4133.
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