Bitcoin Whale and Ethereum ICO Member Deposit $250 Million Holdings To Exchanges

Two separate whales each holding over 9 figures worth of crypto have transferred to holdings to exchanges over the past 24 hours.

One whale owned an address that participated in Ethereum’s ICO back in 2014, and hadn’t moved his coins since.

• As revealed by the Twitter blockchain tracker Lookonchain, an Ethereum ICO participant moved 61,216 ETH worth $116 million to the crypto exchange Kraken on Tuesday.
• According to Etherscan, the address had zero other significant activity, having received its entire ETH stash from the Ethereum Genesis address over 2,911 days ago. At that time, ETH was worth just $0.31.
• The Genesis address is often referred to as a “Black hole”: any crypto sent there cannot be retrieved, yet it remains one of the wealthier Ethereum addresses on the network, holding 11,743 ETH at writing time.
• Before his transfer, the ICO participant appeared to conduct a test transaction worth 0.5 ETH, before sending his entire ETH stash into the exchange.
  The following day, Lookonchain announced that a separate Bitcoin (BTC) whale had transferred a whopping $4,451 BTC over to Binance, worth another $133 million.

• “The last time the whale deposited a large amount of BTC(5,000 BTC, worth $118M) to Binance was on Jan 30, and the price of BTC dropped by ~4.2% after depositing,” the account stated.

• Experts often view a rising Bitcoin balance on exchanges as a signal that investors intend to sell their coins.
• This year, the U.S. government announced an even larger sale of Bitcoin pertaining to the large stack – ~9000 BTC – seized from the Silk Road hacker in 2021.
• On-chain data shows that the government transferred a similar size batch of BTC out of its wallet this month, possibly indicating another sale.