A whale involved in Ethereum’s 2015 Initial Coin Offering (ICO) has set a buzz in the crypto market

This whale—originally acquired 76,000 ETH at a mere $0.30 per token—transferred an additional 2,700 ETH, worth $4.96 million to the Kraken exchange.

A whale who participated in Ethereum’s 2015 Initial Coin Offering (ICO) is setting a buzz in the crypto market with offloading a staggering 18,700 ETH valued at $34.11 million over the past week. The transfer of ETH to crypto exchange from Whales often raises tension in the market and this time it’s fueling an even more tense situation ahead of the Ethereum Pectra upgrade activation.

The whale, who originally acquired 76,000 ETH at a mere $0.31 per token, transferred an additional 2,700 ETH, worth $4.96 million to the Kraken exchange. This move continues a pattern of substantial sell-offs, with the whale’s average selling price pegged at $1,824 per ETH, yielding massive profits from their early investment.

The transaction was noted out by an on-chain analyst Ai 姨 (@ai_9684xtpa) with the help of on-chain analytics platform Arkham Intelligence.

On-chain data reveals the whale still holds 11,000 ETH, valued at $20.2 million, suggesting more sales may follow.

This isn’t the first instance of such activity as the same whale has been tracked over weeks, with earlier transactions including 14,000 ETH sold for $24.75 million and additional batches moved to Kraken.

The timing of these transactions is notable, coinciding with the Ethereum Pectra upgrade, which went live on the mainnet today at epoch 364032. The dual-layer hard fork introduces key improvements, including enhanced staking mechanics, smart accounts via EIP-7702, and increased blob throughput for rollups.

While the upgrade aims to bolster Ethereum’s scalability and validator operations, the whale’s consistent selling has sparked concerns about potential bearish pressure on ETH’s price.

Since the past few weeks, the market sentiment is already strained, with Ethereum struggling to break resistance levels within the $1,800 range.

As the Pectra upgrade rolls out, traders are closely monitoring whale movements and on-chain data for signs of further market shifts. While Ethereum’s fundamentals remain strong, the actions of early investors like this ICO whale continue to cast a shadow over its short-term price trajectory, urging investors to tread carefully.