Dormant Ethereum ICO Wallet Awakens with $13K ETH Transfer to Kraken Exchange

• An Ethereum ICO participant deposited $13,000 worth of ETH into Kraken after being inactive for over nine years.
• The participant received 2,000 ETH for $620 during the 2014 ICO, now valued at $5.34 million.
• This activity continues a trend of long-term Ethereum whales offloading large portions of their holdings.

An early Ethereum initial coin offering (ICO) participant, who had remained inactive for over nine years, recently made a move in the crypto space. The wallet holder deposited 5 ETH, valued at approximately $13,000, to the Kraken cryptocurrency exchange. This sudden activity has attracted attention from blockchain analysts.

The Ethereum ICO occurred from July to September 2014, raising $18 million and laying the foundation for Ethereum’s blockchain, which went live in July 2015. During the ICO, participants could buy ETH at a significantly lower price. The newly active investor had originally received 2,000 ETH for just $620, a purchase that has now ballooned in value to over $5.34 million.

Recent Ethereum Sell-Off Continues

The reappearance of this ICO participant comes at a time when long-term Ethereum investors are unloading their assets. Earlier this year, another participant from the Ethereum ICO era deposited over $9 million worth of ETH to Kraken after years of inactivity. These activities seem to align with a broader trend of whales—large cryptocurrency holders—selling off their long-held assets.

Despite the surge of interest in Ethereum due to these sell-offs, the cryptocurrency has faced a slight price drop. At the time of writing, Ethereum’s price had fallen by 0.89%, trading at around $2,629, according to CoinGecko. The slight dip comes as the overall cryptocurrency market experiences fluctuations.

Ethereum’s Long-Term Whales Continue to Offload Assets

This latest deposit signals a continuation of Ethereum whales offloading significant portions of their holdings. The trend, which began earlier this year, reflects an ongoing shift in market sentiment among long-term holders. With the Ethereum foundation also selling portions of its holdings, the market is witnessing a notable increase in ETH supply on major exchanges.

The Ethereum ICO, which was pivotal in the cryptocurrency’s early growth, still has ripple effects in today’s market as early investors cash in on their long-term holdings. Analysts are closely watching the movement of these dormant accounts, given their potential impact on Ethereum’s price and market dynamics.