Massive Ethereum ICO Whale Sale: Another 19,000 ETH Offloaded Amidst the Selloff.
Today’s Ethereum update highlights the actions of a significant ICO whale who has re-emerged from a prolonged dormancy to execute a massive sale. Recently, this individual offloaded 19,000 ETH over the past 48 hours, ending a two-year period of inactivity. According to on-chain analytics firm Lookonchain, this sale was valued at $47.54 million.
During Ethereum’s initial coin offering in 2015, this whale received a remarkable 150,000 ETH, purchasing them for just $0.31 each. Since then, the value has surged dramatically, transforming from $46,500 into a substantial $358 million fortune.
In-Depth Look: Ethereum Whale’s Recent 19,000 ETH Market Move
On October 1, a notable Ethereum ICO whale resumed selling, initially releasing 4,000 ETH, equal to about $2,655 per coin. This was followed by another 5,000 ETH transaction on the same day, bringing in approximately $12.7 million.
The selloff continued on Wednesday with an additional $14.7 million sold as 6,000 ETH exchanged hands. A further transaction involved 4,000 ETH sold when prices dipped to $2,380.
Ethereum’s Downward Trend and Influence of Whale Activity
This hefty sale comes on the heels of a reported 12,010 ETH sell-off last week, netting $31.6 million from a previously idle account. Such actions have contributed to Ethereum’s price drop, with its market value decreasing by 10.4% since October 1.
In addition to whale sales, geopolitical developments in the Middle East are adding pressure. Crypto analyst Bluntz Capital observed a growing trend of early Ethereum adopters selling their assets. This growing uncertainty, also known as FUD (fear, uncertainty, and doubt), is increasingly spotlighted in crypto forums and social media discussions.
Alternatively, participants have criticized Ethereum co-founder Vitalik Buterin, urging him towards proactive involvement. However, despite such upheaval, institutional interest persists. Per Sosovalue analytics, notable investments include 7,631 ETH acquired by the BlackRock iShare Ethereum Trust.
Current Ethereum prices are estimated at $2,371, experiencing a 4.6% decline over the last day.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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