Early Ethereum Whales Transfer Millions to Exchanges, Fueling Supply Overhang Concerns

Multiple early Ethereum whales and ICO participants transferred tens of millions of dollars in dormant ETH to centralized exchanges in October, intensifying supply overhang concerns as ETH traded near $2,400. Recent on-chain activity included a dormant wallet moving 3,000 ETH worth $7.23 million to Kraken on October 22 after more than eight years of inactivity. On-chain analyst Ai Yi linked that transaction to an entity that has deposited roughly 6,000 ETH valued at $15.85 million since August. Other major October moves include a $36 million ICO deposit to Coinbase and a $16 million transfer to Kraken.