Ethereum ICO Whale Offloads 3K ETH – Here’s Why It Could Be Bad News for Ether

A notable Ethereum ICO participant has offloaded another significant chunk of their holdings, with their latest sale happening on October 24, raising concerns about a potential negative impact on Ethereum's (ETH) price. This follows a pattern seen earlier this year, where large sales from ICO participants triggered bearish trends for ETH.

According to a report by on-chain analytics firm Lookonchain, the investor sold 3,000 ETH, valued at approximately $7.64 million at the time. Shortly after the sale, ETH's price dipped by 1.4%, falling from $2,545 to $2,510. Although the price has since recovered slightly to $2,520, the asset remains in the red, down nearly 2.5% over the last 24 hours.

This isn’t the first time the Ethereum whale's activity has impacted the market. On July 1, the same investor offloaded 7,000 ETH, worth around $24.28 million at the time. Following that sale, ETH's price plunged from $3,432 to $2,981 within days. Initially, this ICO participant acquired 254,908 ETH during Ethereum’s 2014 ICO for just $79,000. As of today, the investor’s remaining holdings stand at 37,070 ETH, worth nearly $93.8 million.

While the recent sale involves fewer coins compared to the one in July, it has still sparked concerns within the crypto community. With fear, uncertainty, and doubt (FUD) brewing around Ethereum's price trajectory, many fear that further offloading by ICO whales could continue to put downward pressure on ETH’s price.

ICO Whales Are Active Again

It’s not just this one whale causing concern—several Ethereum ICO participants have been coming out of hibernation and selling large portions of their holdings. Earlier in October, another long-dormant investor sold 19,000 ETH, valued at $47.5 million, over two days. This followed an earlier sale at the end of September, where the same participant offloaded 12,010 ETH worth $31.6 million.

These consistent sell-offs by early Ethereum investors have contributed to ETH's poor performance over the past 30 days, with the cryptocurrency dropping 4.5% in value during this period. With more ICO whales waking up, the market remains cautious about the potential long-term impact on Ethereum’s price.

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