TL;DR
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One anonymous degen bought 254,900 ETH in at an ICO price of $0.311 per token back in 2014, and has never moved over 47,000 ETH – until yesterday.
Full Story
This’ll age us but…we remember the ‘ICO era’ of crypto.
If you have no idea what that is, for a while between ~2013-2018 or so, ‘initial coin offerings’ were all the rage.
They were a popular way to raise funds through crypto, letting many people have a small stake in your company (through tokens), but instead of everyone having to be an accredited investor, those who can figure out crypto wallets, can invest.
(There are a few blurry lines with ICO’s, but that’s not the point of this article).
A couple of notable tokens raised their initial funding through an ICO – like Ethereum which raised ~31,000 BTC in July 2014, equal to about $18.3M USD at the time.
From that ICO, most people who bought in early have since sold.
One anonymous degen though, bought 254,900 ETH in at an ICO price of $0.311 per token, and has never moved over 47,000 ETH, ever.
Until yesterday – when they moved 7000 ETH (worth about $24.3M USD) from their cold wallet to Kraken.
Why is this important?
When someone moves their crypto for the first time after years of holding, it usually suggests two things: they’re about to cash out (for fiat currency), or they’re about to degen into their next big crypto bet.
For coins with smaller market caps, movement like this from a single wallet could be huge cause for concern.
But with ETH hangin’ steady at a cool $417B+ USD right now, $24.3M isn’t a drop in the ocean.
Alright, now you know!
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