Crypto Whale Watch: $116M In Ether Acquired In ICO Gets Moved To Kraken Exchange
Portfolio Pulse from Murtuza Merchant
A digital wallet associated with the Kraken cryptocurrency exchange has transferred over 61,000 Ether (ETH), worth over $116 million, that was acquired during the initial coin offering (ICO) eight years ago. The transfer could indicate plans to sell the tokens, stake them on an exchange, or diversify into other tokens. This follows a trend of old wallets transferring large amounts of Bitcoin (BTC) or Ether to exchanges this year.
July 19, 2023 | 2:25 pm
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NEUTRAL IMPACT
The transfer of Ether follows a trend of large transfers of Bitcoin and Ether to exchanges this year, which could impact the price of Bitcoin.
Large transfers of Bitcoin to exchanges could indicate plans to sell, which could increase supply and potentially lower the price. However, the impact on the price is uncertain.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
A large amount of Ether has been transferred to the Kraken exchange, potentially indicating plans to sell, stake, or diversify. This could impact the price of Ether.
The transfer of a large amount of Ether to an exchange could indicate plans to sell, which could increase supply and potentially lower the price. However, it could also indicate plans to stake the tokens, which would remove them from circulation and could increase the price. The impact on the price is uncertain.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100