{"id":81639,"date":"2024-06-18T02:02:40","date_gmt":"2024-06-18T06:02:40","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=81639"},"modified":"2024-06-18T02:03:39","modified_gmt":"2024-06-18T06:03:39","slug":"eth-price-dips-5-ico-whale-transfers-20-million-to-kraken","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/eth-price-dips-5-ico-whale-transfers-20-million-to-kraken\/","title":{"rendered":"ETH\u00a0Price Dips 5%, ICO Whale Transfers $20 Million to Kraken"},"content":{"rendered":"\n

After an ICO-whale deposited $20 million, Ethereum prices<\/a> fell. On-chain data implies a trend reversal soon.<\/p>\n\n\n\n

\"ETH\u00a0Price<\/figure>\n\n\n\n

Ethereum (ETH), the second-largest cryptocurrency in the world, has experienced significant selling pressure, resulting in a further decline and a fall below the $3,400 mark.<\/p>\n\n\n\n

As of press time, ETH is trading 4.23% down at $3,436 with a market cap of $420 billion.<\/p>\n\n\n\n

After a decade, Ethereum ICO participants<\/a> have begun liquidating their holdings, according to on-chain data.<\/p>\n\n\n\n

Ethereum ICO Whale Deposits 5.5K ETH to Kraken<\/h2>\n\n\n\n

SpotOnChain, an on-chain data provider, has recently reported substantial activity from an early Ethereum ICO participant, just hours before the ETH price experienced significant selling pressure.<\/p>\n\n\n\n

The ICO whale deposited a total of 5.5K ETH, worth $19.3 million, to the Kraken exchange, according to the report.<\/p>\n\n\n\n

Interestingly, the same participant has transferred a total of 10,000 ETH, which is equivalent to $35.4 million, to Kraken over the past two days.<\/p>\n\n\n\n

The whale had initially received 150K ETH in 2015 at the ICO price of $0.31, for a total investment value of just $46.6K.<\/p>\n\n\n\n

The whale participant continues to keep a total of 139K ETH, valued at $476 million, in three wallets, despite the recent transfers.<\/p>\n\n\n\n

\n

Just before the $ETH\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> further plummeted 3hrs ago, an #Ethereum<\/use><\/svg><\/span><\/a> ICO participant deposited 5.5K $ETH\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> ($19.3M) to #Kraken<\/use><\/svg><\/span><\/a>.

Notably, the whale:

\u2022 received 150K $ETH\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> in 2015 at an ICO price of $0.31 ($46.6K),

\u2022 deposited a total of 10K $ETH\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> ($35.4M) to Kraken in the past 2 days,\u2026 pic.twitter.com\/fzswTXi3yx<\/use><\/svg><\/span><\/a><\/p>— Spot On Chain (@spotonchain) June 18, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

ETH Price Downside Is Limited<\/h2>\n\n\n\n

Ethereum has put investors' patience to the test in recent weeks.<\/p>\n\n\n\n

Following its failure to break through the $4,000 resistance, the ETH price has been trading sideways.<\/p>\n\n\n\n

Meanwhile, almost 15% of the Ethereum price<\/use><\/svg><\/span><\/a> has been corrected thus far in June.<\/p>\n\n\n\n

Despite this, the on-chain indicators continue to show strength for Ethereum.<\/p>\n\n\n\n

There has been a massive withdrawal of 4.1 million ETH from exchanges in the past ten days.<\/p>\n\n\n\n

According to Glassnode's data, the centralized exchanges hold only 12 million Ethereum, which accounts for 10% of the total Ether supply.<\/p>\n\n\n\n

This is the lowest level of ETH supply on centralized exchanges since 2016.<\/p>\n\n\n\n

This bullish on-chain development, together with the launch of the spot Ethereum ETF, might result in significant capital inflows for Ethereum.<\/p>\n\n\n\n

Bloomberg analyst Eric Balchunas\u00a0anticipates that the spot Ethereum ETFs<\/a> will be available for trading by July 2.<\/p>\n\n\n\n

Therefore, this may be the final decline before the ETF is trading and the ETH price resumes its upward trend.<\/p>\n\n\n\n

\n

#Ethereum<\/use><\/svg><\/span><\/a> is beautifully riding a bullish continuation wave.

Every time it forms a pattern, it turns bullish. We've got a bull flag in play right now. pic.twitter.com\/DQvztCsFY3<\/use><\/svg><\/span><\/a><\/p>— Yoddha (@CryptoYoddha) June 17, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

After an ICO-whale deposited $20 million, Ethereum prices fell. On-chain data implies a trend reversal soon. Ethereum (ETH), the second-largest cryptocurrency in the world, has experienced significant selling pressure, resulting in a further decline and a fall below the $3,400 mark. As of press time, ETH is trading 4.23% down at $3,436 with a market […]<\/p>\n","protected":false},"author":56,"featured_media":58800,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,23],"tags":[19102,18877,19263,20051],"class_list":["post-81639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-ethereum-news","tag-eth-price-correction","tag-ethereum-eth","tag-ethereum-eth-price","tag-ethereum-whale-transactions"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/09\/Ethereum-Scaling-Solutions-How-Do-the-Layer-2-Protocols-and-Sidechains-Differ.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/81639","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=81639"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/81639\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/58800"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=81639"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=81639"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=81639"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}