The continued recovery of the Ethereum (ETH) price could be affected if an investor sells large amounts of Ethereum dating back to the initial coin offering (ICO) era.
According to data provided by cryptocurrency transaction analysis platform Lookonchain, 10,000 ETH, worth around $24.37 million, could be up for sale by this whale.
Lookonchain explained that this whale, which had been dormant for two years, recently transferred 10,000 ETH to the Kraken exchange.
Such transfers are often an indication of an intention to sell, as crypto whales tend to move their funds to exchanges to sell.
Although these movements may sometimes indicate a move of funds to safer accounts, history shows that most of them end in sell-offs.
This whale was a participant in the Ethereum ICO, where he received 50,000 Ethereum at a cost of around $15,500.
With the value of Ethereum rising since then, those holdings now stand at $121.85 million.
IPO whales are sitting on huge amounts of money, with most of them continuing to hold it for now.
Ethereum is currently trading at $2,400, up 5% in the last 24 hours as the price of the digital currency has been positively affected and followed the market movement in general.
