A once-dormant Ethereum ICO whale participant has made waves by selling 19,000 ETH, valued at $47.54 million. The sale comes during a period of heightened market fear, uncertainty, and doubt (FUD) as Ethereum’s price continues to dip.
Dormant Ethereum ICO Whale Makes a Move
According to Lookonchain, a platform that tracks blockchain transactions, this whale had been inactive for over two years before resurfacing last week. The investor received 150,000 ETH during Ethereum’s 2014 ICO and deposited 12,010 ETH worth $31.6 million into Kraken in late September. Their total Ethereum holdings that of an Ethereum ICO whale were valued at over $358 million at current prices before these recent transactions.
Ethereum’s Market Struggles Continue
This latest sale coincides with a sharp downturn in Ether’s value, which has dropped nearly 10% in the past week. The world’s second-largest cryptocurrency market cap is trading below $2,400. Concerns are growing within the community, with some traders worried about Ethereum’s price trajectory amidst the actions of the Ethereum ICO whale.
Crypto analyst “Bluntz” remarked, “yikes, even day 0 ETH OG’s are jumping ship,” as he commented on the whale’s move. Meanwhile, Ethereum advocate Anthony Sassano expressed frustration over the ongoing FUD, stating, “most people in this industry don’t actually care about the truth.”
Institutional Investors Are Still Interested
Despite the ongoing market FUD, Ethereum ICO whales still attract institutional interest. Data from SoSoValue shows that Ethereum exchange-traded funds (ETFs) saw significant inflows, with nine Ether spot ETFs pulling in $14.45 million on October 2. BlackRock’s ETHA fund led the way with $18.04 million, followed by Franklin Templeton’s EZET with $1.81 million in inflows.
What’s Next for Ethereum?
The rare transfer of such large ETH amounts has certainly caught the crypto community’s attention. While concerns over Ethereum’s underperformance linger, the continued inflows into Ether ETFs could signal optimism for the asset’s long-term future. Market observers will watch closely as Ethereum ICO whales weather this challenging period.
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