• Two early Ethereum investors from the 2014–2015 ICO period have deposited large amounts of ETH to centralized exchanges.
• In the last few hours, about 684,100 ETH has been sold, contributing to a 3.3% drop in ETH price.

Ethereum has once again drawn the attention of many after two whales made significant sell moves. Two whales from the Ethereum ICO days transferred huge amounts of ETH to centralized exchanges.

Basically, the two whales bought Ethereum during its Initial Coin Offering (ICO) in 2014, buying it immediately after Buterin and his co-founders announced the online public crowd sale. They got in when the ETH price was as low as $0.31 per token and are now realizing profits worth millions of dollars. 

Their actions have raised questions about the short-term outlook for ETH and also the general potential this move has on market sentiment.

The first whale participated in the original Ethereum ICO and held about 1 million ETH, and five hours ago, the wallet deposited 959.69 ETH, valued at $2.54 million, to OKX. After the transaction, the whale still holds about 50,704 ETH on-chain, worth around $132 million.

The second whale held 100,000 ETH from the 2015 Ethereum ICO, and three hours ago, this wallet deposited 587 ETH, which is worth around $1.56 million, to Kraken. This wallet has been selling since March and has sold a total of 14,398 ETH, approximately $28.47 million.

The movement of these two whales is considered a part of the bull market; however, on-chain details have also shown that these two big moves are part of the larger trend, as whales have been selling recently. In the last 24 hours, whales have sold about 684,100 ETH.

The price of ETH has reacted to the news as it has seen a 3.3% decline in the last 24 hours, and there’s a possibility that the ETH price could breach the consolidation range and drop to $2,300.

source: coingecko.com

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