Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Ethereum ICO Participant Transfers $116M ETH After 8 Years of Dormancy

Ethereum ICO Participant Transfers $116M ETH After 8 Years of Dormancy

CoindeskCoindesk2023/07/19 07:30
By:Shaurya Malwa

Ether posted nominal gains in the past 24 hours alongside the broader market.

(Todd Cravens/Unsplash)

A wallet that received over 61,000 ether (ETH) in the initial coin offering (ICO) eight years ago, transferred the entire amount to a wallet on Wednesday, shows. The wallet is said to belong to crypto exchange Kraken.

These holdings are worth over $116 million at curren t prices. The ether was purchased for 31 cents a token during the ICO.

Wallet 0x8b to another wallet, and then to the , the data shows. The owner of the wallet is unknown as of Wednesday. The only previous movement was when the wallet received ether from the genesis contract after Ethereum launched.

Transaction showing 61,000 ether that was moved to a crypto exchange wallet. (Etherscan)

Such large movements from early participants are typically uncommon. This movement could mean the holder is preparing to sell tokens, stake on an exchange, or diversify their holdings for other tokens.

The movement is the latest in a line of old wallets moving tokens such as bitcoin (BTC) or ether (ETH) to exchanges this year.

In April, at least four wallets moved or to other wallets. These investors are colloquially known as "whales" because they hold large amounts of tokens in their digital wallets – which can influence the price or sentiment around a token because of the size of their holdings.

Edited by Parikshit Mishra.

67

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

VIPBitget VIP Weekly Research Insights

The crypto market has recently been affected by multiple uncertainties, posing significant challenges for investors. Since the Trump administration took office, its foreign policy has shifted rapidly and unpredictably. For example, in early 2025, the U.S. Unexpectedly tightened restrictions on tech exports to China, leading to diverging views on the future of blockchain-related technologies. Although Trump has repeatedly voiced support for cryptocurrencies on social media, no concrete policies have followed. This ambiguity has made market sentiment swing between optimism and caution, leaving it highly reactive to both breakthroughs and black swan events. Meanwhile, the altcoin market continues to languish, lacking a clear investment narrative. Previously common sector rotations, such as DeFi, AI, or GameFi, have largely faded. Hype is scattered and short-lived. Memecoins on various public chains have surged in number, but most have short lifespans and quickly go to zero. This makes it harder for investors to identify high-quality projects. In this environment, allocating part of your capital to stablecoin-based yield products may be a prudent move. Beyond conventional DeFi protocols such as Aave, Compound, and Kamino for staking USDT and USDC, Bitget provides users with a broader selection of stablecoin investments offering higher APRs.

Bitget VIP2025/05/30 01:53
Bitget VIP Weekly Research Insights