News Report:
Ethereum ICO giant resumes sales amidst significant cryptocurrency decline.
Despite experiencing fluctuations, Ethereum (ETH) remains a significant focus for prominent investors in the cryptocurrency market. As of today, the price of the cryptocurrency has dropped by 1.76%, reaching $2,531.
The trading volume during this period reached $20.24 billion, with ETH accumulating a total decrease of 3.18% over the past week. These changes align with significant sales from initial coin offering (ICO) participants in Ethereum.
ICO Participants Selling ETH
Notably, on-chain analysis by Lookonchain revealed highlights of sales from early Ethereum investors. It was revealed that a specific ICO participant sold 3,000 ETH today, worth $7.64 million. This whale had previously sold 7,000 ETH in July, worth $24.28 million, causing a nearly 15% drop in the Ethereum price.
Initially acquired during the Ethereum ICO in 2015 at an initial cost of $79,000 for 254,908 ETH, the holdings of this whale have appreciated to a present value of $646 million. Currently, the wallet holds a balance of 37,070 ETH, valued at approximately $93.8 million. Given the significant risk exposure of ETH, the value of the wallet remains highly sensitive to price fluctuations.
ETH ICO Participants’ Wallet
October ETH ICO Sales
The selling trend is not limited to a single participant. In early October, two ICO wallets showed evident sales activity. On October 8th, one whale transferred 5,000 ETH, valued at $12.22 million during the transfer, to Kraken exchange. In the previous two weeks, this transaction sold 45,000 ETH (approximately $113.2 million) at an average price of $2,516.
Since the ICO, this whale has sold a total of 60,000 ETH, worth $149.68 million. Going back to 2019, the whale’s ETH liquidation began with the sale of 5,000 ETH at a price of $218 per coin. In June 2024, the same wallet sold 10,000 ETH at a price of $3,539 per token, taking advantage of the market peak.
Sales After Dormancy
The second whale, dormant for two years, resumed sales on October 1st. Initially acquiring 150,000 ETH during the ICO in 2015 at a cost of $0.31 per coin, the wallet is now valued at $358 million. On October 1st, when the ETH trading price was $2,655, the whale sold 4,000 ETH. Later that day, it sold another 5,000 ETH, worth approximately $12.7 million. As of October 3rd, the whale has sold a total of 19,000 ETH, valued at $47.54 million. The recent transactions include the sale of 6,000 ETH, worth $14.7 million, as the price dropped to $2,380, followed by the sale of 4,000 ETH.
