Ethereum Genesis Wallets Moves Over 3,600 ETH to Kraken as ETF Launch Looms

While the news of the Ethereum ETF launch circulates, large investors, commonly known as whales, are making major moves ahead of the scheduled time. Recently, two Genesis wallets from the time of the Ethereum ICO have shifted more than 3,600 ETH coins to the Kraken exchange.

These significant transactions have sent tongues wagging across the community about the intent behind the actions. Interestingly, this comes against the backdrop of a price rally that has moved the price of ETH above the $3,400 mark. Will this affect the recent price movement of Ethereum? Let us explore the transactions in detail.

More Than 3,600 ETH on the Move

Earlier today, Spotonchain, a blockchain transaction tracker reported the two significant whale activities involving Ethereum. According to the data, two Ethereum Foundation and ICO-related wallets deposited exactly 3,631 ETH coins to the U.S.-based Kraken exchange. The total value of both transactions was $12.5 million.

Notably, the first wallet, labeled as ‘0xdb3’ offloaded 2,631 ETH, valued at $9.01 million to the aforementioned exchange. Interestingly, this wallet initially received the ETH from the Ethereum Foundation and the Ethereum Initial Coin Offering (ICO) which happened from July 22 to September 2, 2014, from the participant ‘0xAb0.’ Also, Spotonchain pointed out that this entity has deposited a total of 17,886 ETH, worth $65 million, to the centralized exchange since June 8.

The second wallet identified with ‘0xbf5’ moved 1,000 ETH, worth $3.46 million, to Kraken. Per the data, the wallet had previously received the Ether from the ICO participant ‘0x510.’ Intriguingly, this participant had received a staggering 100,000 ETH in 2015 before the official launch of the coin. Spotonchain stated that at this time, the ICO participant still holds a massive 49,000 ETH coins, valued at approximately $171 million across 4 different wallets.

ETH Price Ahead of ETF Launch

Amid this, the discussion of a possible Ethereum ETF launch has taken over the industry. Experts and prominent figures have predicted that Ethereum is expected to outperform Bitcoin in the wake of the ETF approval. According to reports, the approval is scheduled to happen on July 23rd. The excitement surrounding this possibility has sent the price of ETH skyrocketing above $3.4k.

At press time, Ethereum has continued the catalyzed momentum, increasing by 1.89% in the last 24 hours to trade at $3,472. As the price inch closer to the crucial $3,500 mark, its one-day trading volume has declined by 4.33% to $18.8 billion. Notably, ETH has maintained a price range between $3,382 and $3,516 over the last day. Investors are closely watching to see how the price of ETH reacts in the coming days just before the expected launch.