A once-dormant Ethereum ICO whale participant made waves by selling 19,000 ETH worth $47.54 million. The sale comes at a time of heightened market fear, uncertainty and doubt (FUD) as the price of Ethereum continues to fall.
The dormant Ethereum ICO whale moves on
According to Lookonchain, a platform that tracks blockchain transactions, the whale had been inactive for over two years before re-emerging last week. The investor received 150,000 ETH in the 2014 Ethereum ICO and deposited 12,010 ETH worth $31.6 million into Kraken in late September. Ethereum ICO whales’ total Ethereum holdings were valued at over $358 million at current prices prior to recent transactions.
Ethereum market struggle continues
The sale coincides with a sharp decline in the value of Ethereum, which fell nearly 10% last week. The market capitalization of the world’s second-largest cryptocurrency is trading below $2,400. Amid the activity of the Ethereum ICO whales, concerns are growing within the community, with some traders worried about the price trajectory of Ethereum.
“Oh, even Day 0 ETH OG is jumping,” cryptocurrency analyst “Bluntz” said of the whale’s movement. Meanwhile, Ethereum advocate Anthony Sassano expressed frustration over the ongoing FUD, saying, “Most people in this industry don’t really care about the truth.”
Institutional investors remain interested.
Despite the ongoing market FUD, Ethereum ICO whales are still attracting institutional attention. Ethereum exchange-traded funds (ETFs) saw significant inflows on October 2, with nine Ether spot ETFs attracting $14.45 million, according to data from SoSoValue. 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?
This rare transfer of such a large amount of ETH has certainly caught the attention of the cryptocurrency community. While concerns about Ethereum’s underperformance persist, continued inflows into the Ether ETF could indicate optimism about the asset’s long-term future. Market observers will be watching Ethereum ICO whales closely to see how they navigate this difficult period.