According to Cointelegraph: An Ethereum ICO participant has continued to offload large amounts of Ether (ETH), selling 3,000 ETH worth over $7.6 million on October 24, according to blockchain analytics platform Lookonchain. This follows a significant sell-off earlier this year when the same whale sold 7,000 ETH, triggering a 15% drop in ETH’s price.
ICO Whale's Ongoing ETH Sales
The Ethereum ICO whale, who participated in Ethereum’s initial coin offering (ICO) back in 2015, has been gradually reducing their holdings. With this latest sale, the whale has now sold a total of 10,000 ETH over the past few months. Despite these sizable sales, the whale still holds 37,070 ETH, worth approximately $94 million at current prices.
The Ethereum ICO, which took place in 2014, sold about 60 million ETH to investors, raising 31,000 Bitcoin (worth around $18 million at the time). This ICO helped launch Ethereum as the second-largest cryptocurrency by market value and made several early investors extremely wealthy.
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Impact on ETH Price
Unlike the previous sale of 7,000 ETH in July that led to a 15% price drop, the latest 3,000 ETH dump has had a more subdued effect on the market. Ethereum’s price has dipped only slightly by 2.4% in the last 24 hours, according to CoinGecko, with ETH trading around $2,521 at the time of writing.
Despite the recent sales, ETH remains up by 38% over the past year, showing resilience amid the whale's ongoing liquidation of their holdings.
Ethereum Whale Still Holding $94M in ETH
While the whale has offloaded a substantial portion of their holdings, they still possess a significant amount of ETH. The remaining 37,070 ETH could potentially impact the market if sold in the future, but the latest transactions have shown a more measured price reaction, possibly indicating a stronger market absorption of such large sales.
As Ethereum continues to be a major player in the cryptocurrency space, the actions of large holders, especially early ICO participants, remain closely watched by traders and investors alike.
