It is reported that an Ethereum ICO participant who hasn’t touched his ETH holdings for approximately two years suddenly became active and started selling his tokens in massive quantities.
According to Lookonchain, the crypto transaction monitoring platform, the whale has sold 19,000 ETH, worth $47.5 million in the past 48 hours. It’s being said that the whale invested in Ethereum ICO in 2014 and became dormant afterward for over 2 years. The initial ICO allocation he received was $150,000 in ETH and the ICO cost was $46,500 worth $394.5M at current prices.
Ethereum ICO Whale Back To Selling
On-chain analysis reveals that the Ethereum ICO participant resumed ETH sales on October 1, offloading 4,000 ETH at a valuation of $2,655 per token. Later that day, the wallet transferred 5,000 ETH at approximately $12.7 million.
On Wednesday, the Ethereum ICO participant uploaded an additional 6,000 ETH, worth $14.7 million. As ETH’s price dipped to $2,380, the wallet sold another 4,000 ETH.
Interestingly, the whale is continuously selling ETH and the selling activity has lasted 14 days. Recently, the Ethereum ICO participant deposited 12,010 ETH (worth $31.6 million) to the Kraken exchange within the past 4 days.
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ETH Price Drops As Whale Sells
A significant sell-off by an Ethereum ICO participant aligns with a substantial decline in ETH’s price. Specifically, the leading digital asset has experienced 10.4% since reaching $2,655 on October 1.
As tensions in the Middle East fuel market uncertainty, coinciding with escalating FUD surrounding the Ethereum ecosystem. Bluntz Capital, a crypto trader, noted a significant shift in sentiment, saying, ‘Even early Ethereum adopters are now selling their holdings.’
Amid ongoing ETH price declines, a user criticized Ethereum co-founder Vitalik Buterin for the persistent selling pressure, urging him to ‘get back to work.’
At the time of writing, Ethereum is trading at approximately $2,376 with a 1% price increase in the last 24 hours, according to CoinMarketCap.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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