Ethereum ICO Wallets Deposit 3,631 ETH to Kraken Just Before Ether ETF Approval

With the approval of spot Ethereum ETF just around the corner, Ethereum whales have woken up making massive movements across exchanges. As per on-chain data, two Ethereum wallets belonging to the ICO period have moved a total of 3,631 ETH to the crypto exchange Kraken.

Ethereum ICO Wallets Make Huge Deposits

On-chain data provider Spot On Chain has recorded notable activity from Ethereum Foundation and ICO-related wallets. The two wallets together have deposited a total of 3,631 ETH, approximately valued at $12.5 million, to the crypto exchange Kraken in the last two days.

Specifically, Wallet 0xdb3 unloaded 2,631 ETH, worth $9.01 million. Historically, this wallet has been receiving Ethereum from both the Ethereum Foundation as well as the ICO participant 0xAb0.

Interestingly, over the past month since June 8, Wallet 0xdb3 has deposited a substantial 17,886 ETH, equivalent to $65 million, to various centralized exchanges (CEX).

Another Wallet 0xbf5 recently unloaded 1,000 ETH, valued at $3.46 million. This wallet received its Ethereum from ICO participant 0x510, who originally acquired 100,000 ETH during the Genesis event in 2015.

As per Spot on Chain, this Ethereum wallet still holds a total of 49,000 ETH, worth a staggering $171 million, across four different wallets.

Two #Ethereum Foundation/ICO-related wallets deposited 3,631 $ETH ($12.5M) to #Kraken in the past 2 days as the market rebounded:

1️⃣ Wallet 0xdb3 unloaded 2,631 $ETH ($9.01M).

• It received $ETH from the Ethereum Foundation and Ethereum ICO participant 0xAb0.

• Since June 8,… pic.twitter.com/rpEC1Fe4jj

— Spot On Chain (@spotonchain) July 17, 2024

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Also Read: ETF Takes The Centre Stage With Rising Bitcoin Inflows

Ether ETF Approval Sparks Excitement

Crypto market players are currently cheering for the upcoming approval of the spot Ethereum ETF, scheduled for July 23rd. The ETH price has given a major run up to $3,500 levels in preparation of the launch. As per data from Kaiko, the implied volatility has shot up for Ethereum near-term contracts. However, analysts predict that this ETH price rally can continue all the way to $4,500 until the ETF approval period.

Over the weekend $ETH implied volatility spiked on near term contracts. pic.twitter.com/GyHgSWkApH

— Kaiko (@KaikoData) July 16, 2024

A day before the Kaiko Research report also said that ETH will outperform Bitcoin following the ETF approval.

Investors can expect some volatility in ETH until the SEC gives the final nod for the ETFs to go live for trading. Before Ethereum begins its major bull rally, there’s also a possibility of ‘sell the news’ event.

Also Read: Deribit Exchange Rolls Out Early BTC and ETH Options for 2024 US Election

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.