Ethereum ICO Whale Hits Major US Exchange Ahead of ETF Decision

As revealed thanks to data from Whale Alert, a previously dormant Ethereum whale has transferred 86 ETH, valued at $325,535, to major U.S. crypto exchange Coinbase. 

This whale, identified by the wallet address "0xCc60," had originally acquired Ethereum during the Genesis Block as a participant in the ICO, where the token was valued at just $0.31. Now this volume of tokens equals $325,160 and the price of Ethereum stands at $3,850.

💤 A dormant pre-mine address containing 86 #ETH (325,535 USD) has just been activated after 8.8 years!https://t.co/Sok4yMsG5q— Whale Alert (@whale_alert) May 23, 2024

This substantial transaction coincides with heightened anticipation surrounding the imminent Ethereum ETF decision. Over the past few days, optimism for a favorable outcome has surged, driving Ethereum's price up by more than 23% since the beginning of the week. ETH to USD by CoinMarketCap

Analysts are now estimating a 75% chance that the SEC will approve the Ethereum ETF, further fueled by the agency's recent engagement with Ethereum issuers on Form S-1, a registration statement for securities. Additionally, a bipartisan group of lawmakers has urged SEC Chair Gary Gensler to approve spot Ethereum ETFs, adding political pressure to the regulatory decision.

The whale's transfer could be interpreted as a strategic move to capitalize on the market conditions or a simple reassurance from the holder. 

However, this whale is not the only significant player making moves. Jeffrey Wilcke, one of Ethereum's cofounders, has sent 10,000 ETH, valued at approximately $37.4 million, to U.S. exchange Kraken. This transaction is part of a series of large transfers by Wilcke, who has moved a total of 24,300 ETH since the start of 2024, amounting to roughly $75 million.