Ethereum (ETH), the second biggest crypto, recorded a recovery rally last week as the Federal Reserve cut interest rates by 50 basis points. As investors jumped into the market with prevailing bullish sentiments for the crypto market, some whales are trying to make an exit on a higher note.
Ether price surged by around 16% in the last 7 days helping it to recoup from the continued sell-off. ETH still stands down by 22% over the past 90 days and the ongoing upswing might turn out to be the best opportunity for whales.
Dormant Ethereum whale drops 3.5K ETH
As per the data shared by Spot On Chain, two major whales have deposited 8,510 Ether (approx. worth $21.9 million) to multiple centralized crypto exchanges over the last day. One of the major players is an Ethereum ICO participant which sent 3,510 ETH (approx. worth $9.04 million) after a period of 3 months. The dormant whale is still holding a whopping 136k ETH (approx. worth $358 million) spread across 8 wallets.
The Ethereum ICO participant gained 150K ETH (approx. worth $389.7 million) and had originally received these assets at $0.31 per ETH (approx. worth $46.5k). Earlier in June, the same whale deposited 10K Ether (approx. worth $35.4 million) to Kraken which caused the ETH price to lose its grip.
Genesis moves its Ether holdings
The major whale that was caught on-chain dumping 5,000 ETH (approx. worth $12.9 million) turns out to be a wallet linked to Genesis Trading. The embattled crypto lender owned by Digital Currency Group, moved over 16,000 BTC (approx. worth $1.1 billion) and 166,000 ETH (approx. worth $521 million) in August indicating a repayment for its creditors.
This move came just over a year after Genesis reached an agreement to repay $1.5 billion to clients of Gemini, whose ‘Earn’ program collapsed after lending to Genesis, which loaned the funds to now-bankrupt Three Arrows Capital. As of May, Gemini confirmed that ‘Earn users’ had their assets returned, clearing the way for Genesis to start paying back other creditors.
In a January 2023 court filing, Genesis revealed more than $3 billion in claims from its top creditors. This included Gemini, Cumberland, and VanEck’s New Finance Income Fund. However, Genesis Trading still holds 162K ETH (approx. worth $423 million).
ETH price jumped by 2.5% in the last 24-hours with a spike of 52% in its 24-hour trading volume. Ether is trading at an average price of $2,654, at press time.
