An Ethereum ICO whale moves a substantial amount of Ethereum to the crypto exchange Kraken, sparking speculations of a possible dump.

In today’s Ethereum news, a whale wallet shifted 4,160 ETH, worth $14.5 million, to a crypto exchange for a possible sale. According to data from SpotOnChain, the address transferred millions of dollars’ worth of Ethereum on Christmas Day.

Transaction Details

The transaction occurred between the Ethereum whale wallet and Kraken at 21:20 (UTC) on December 25. Specifically, the address “0x55df” moved 4,162 ETH ($14.5 million) to “0x54d6,” a Kraken deposit wallet.

SpotOnChain tied the sending wallet to an Ethereum initial coin offering (ICO) participant, who received 20,000 ETH at the time of the event. Notably, the whale acquired the Ethereum stash during the offering in 2015 for $0.31 per coin, totaling $6,200.

Although the whale staked the Ethereum he received then, he habitually dumps the asset at local peaks to realize some profit. For context, data shows that the whale wallet sold 2,719 ETH ($10.1 million then) when Ethereum reached $4,000 on December 4.

The Ethereum ICO participant also sold some on October 31 and September 28, dumping a combined 60 ETH ($158,000) on those days. Meanwhile, the whale still holds 7,043 ETH, worth $24.6 million, currently staked to yield rewards.

Incoming Price Correction?

SpotOnChain noted that the Ethereum ICO wallet has a history of selling at local market peaks. This suggests that the wallet anticipates further correction for the altcoin king.

Also, sales from ICO participants have dwindled recently compared to the incessant dumps between September and October. Ethereum became a contrarian play at the time, failing to mirror the bullish momentum in the broader cryptocurrency market.

For context, an Ethereum wallet went on a two-week selling spree in October, concurrently dumping 19,000 ETH ($31.6 million at the time). During the same period, another ICO participant moved 5,000 ETH ($12.2 million) to Kraken, sparking skepticism among enthusiasts.

A resumption of dumps from Ethereum whales could spark bearish sentiments around the ecosystem, affecting the asset’s price considerably. In the meantime, the altcoin king trades at $3,438, down 1.5% in the past 24 hours.