The second largest cryptocurrency by market cap is apparently being pushed by a so-called “Ethereum whale” who is actually an anonymous investor who received more than 314,000 ETH from the network’s Genesis block as a result of their investment when Ethereum was an initial coin offering (ICO).
According to rumors, this same “Ethereum whale” this week only funneled approximately 20,000 ETH to the exchange Bitfinex, which was worth approximately $5.5 million at the time of writing.
The movement was first noticed by the California-based attorney Zoe Dolan, who is focused on monitoring the wallets in the Ethereum Genesis block for the evidence of “capitulation”.
just a reminder that 93,750 ETH recently went from the genesis block wallet thru to Bitfinex
0x7D04d2EdC058a1afc761d9C99aE4fc5C85d4c8a6 –> 0x0A0fed0ff3495fe93749CDe2B692b7e217dc739c –> 0x976FD26BC177542C3aDE3aA28b374f866E7ddE4B –> 0xc055DF46E91c59EB07eb482d6d8d3EBc7cC5452e
— Zoe WeMustDestroyThisBarrierToInnovation Dolan (@ZoeJDolan) August 21, 2018
Still, while the 20,000 in ETH is a small portion of the initial balance of the wallet, it is still millions of US dollars we are talking about. In May, the wallet funneled more than 116,000 ETH which was worth $65 million at the time – and most of these funds ended up at the exchange in a series of transactions that were made over the past couple of months.
The move was also planned so that the Ethereum price can move in the positive. According to some analysis, it has declined by more than 50% since the wallet first began moving its funds to Bitfinex, falling from $573 (May 2018) to the current price of $275.
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