ETH Whale Transfers 20K Tokens After 3 Years of Dormancy

• According to Lookonchain, an ICO participant transferred 20,000 ETH after three years of dormancy.
• The user also deposited 10 ETH on Kraken, according to the smartmoney platform.
• The timing of the transfer spotted by Lookonchain coincides with Ethereum’s recent rally.

According to Lookonchain, the smartmoney on-chain platform, an Ethereum ICO participant transferred 20,000 ETH, worth $42.4 million, after three years of dormancy. The smartmoney platform revealed via a post on X (formerly Twitter) that the user deposited 10 ETH out of the transferred bunch on the Kraken crypto exchange.

The timing of the transfer spotted by Lookonchain coincides with Ethereum’s recent rally that saw the flagship altcoin retest its local high of around $2,133. That price also marks the upper limit of Ethereum’s price range for the past 15 days.

Usually, most crypto users consider significant transfers of that nature as a potential dump signal, especially when the particular crypto is deposited on a centralized exchange like Kraken. The dominant suspicion is that such coins or tokens are being prepared for liquidation, especially after a significant rally.

On a rather curious note, although Lookonchain confirmed the ICO participant transferred 20,000 ETH, it noted that only 10 ETH out of the transferred amount was deposited on the Kraken exchange. The smartmoney on-chain platform did not provide further information on the status of the remainder of the transferred tokens. However, it noted that the whale received 100,000 ETH, which cost about $31,000 at the Genesis of Ethereum. It also confirmed that the Genesis price was approximately $0.31.

Ethereum traded for $2,084 at the time of writing, having engaged in a slight pullback from yesterday’s high of $2,033. The top altcoin has traded between $2,136 and $1,906 for the past two weeks, following a one-month rally between October 12 and November 10, during which Ethereum registered a 40% gain.