An Ethereum initial coin offering whale sent a further 1,060 ETH worth $5.1 million to a deposit address labelled as belonging to Kraken on Thursday — their fourth transfer to the crypto exchange in as many days, according to onchain analysts.
The address beginning “0x815” previously sent 2,000 ETH ($8.6 million) on Monday, followed by 1,162 ETH ($5.2 million) and 1,121 ETH ($5.2 million) on Tuesday and Wednesday, taking their total deposits to around $24.1 million this week. Approximately 4,657 ETH remain at the address, per Arkham data, worth $21.9 million.
While it is not certain that the participant no longer owns the ETH, such transfers to crypto exchange deposit addresses often indicate selling.
The participant initially received 100,000 ETH for $31,100 at the time of the ICO, now valued at $471 million, Onchain Lens said, citing Nansen data. The whale still holds more than 50,000 ETH across multiple wallets in total, the analysts noted.
More Ethereum ICO participants sell amid price rise
However, they are not the only Ethereum ICO participant to have sold ETH in recent days as the price of the second-largest cryptocurrency approached all-time highs for the first time since November 2021.
On Monday, another Ethereum ICO participant transferred 2,300 ETH, worth about $9.9 million, according to Lookonchain. That whale originally received 20,000 ETH for roughly $6,200, which is now valued at around $94 million.
The address starting “0x845” also deposited the funds to Kraken, according to Arkham labeling, leaving the address with 1,623 ETH remaining ($7.6 million).
The Ethereum ICO ran from July 22 to Sept. 2, 2014, raising about $18.3 million by selling over 60 million ETH at an average price of $0.31 per ETH, with 1 BTC initially buying 2,000 ETH. The funds, equivalent to 31,531 BTC, supported the development of Ethereum, which subsequently launched in July 2015 with an initial supply of 72 million ETH, 83% of which went to ICO investors.
Ethereum is currently trading for $4,718, per The Block’s ETH price page, up 23% over the past week to come within 3% of its prior all-time high of around $4,868.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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