As a seasoned researcher who has navigated through numerous market cycles, I can’t help but feel a sense of deja vu looking at this latest sell-off by Ethereum ICO whales. It seems like history is repeating itself, with these whales cashing out their gains just as the rest of us are trying to hang on for dear life.
Despite the current selling trend in the market, major investors (or “whales”) are managing to reap profits they’ve already earned. As reported by crypto analytics platform Lookonchain, an individual who participated in an Initial Coin Offering for Ethereum has recently initiated a new sell-off transaction, further increasing the overall selling pressure in the market.
Ethereum ICO whales taking profit
Based on data from Lookonchain, I recently observed a significant transaction involving Ethereum. Specifically, an ICO participant transferred around 3,000 ETH, equivalent to roughly $7.64 million, just a few hours ago. Notably, this ‘whale’ had last made a sale on July 1, where they offloaded approximately 7,000 ETH, valued at about $24.28 million at the time.
Although it’s not unusual for large ETH investors (whales) to influence the market, a recent sell-off by one such whale led to a 15% decrease in Ethereum’s price. A similar trend is observed with the current sell-off, causing Ethereum’s value to drop by 2.15%, currently standing at $2,527.44.
55 minutes ago, a significant Ethereum investor (ICO participant) disposed of approximately 3,000 ETH ($7.64 million). It’s important to note that this isn’t the first time this large-scale investor has sold ETH: on July 1, they offloaded around 7,000 ETH ($24.28 million), which was followed by a nearly 15% drop in the price of ETH. The whale originally acquired 254,908 ETH during the ICO at an initial cost of $79,000; today, that same amount is worth a staggering $646 million.
— Lookonchain (@lookonchain) October 24, 2024
One challenging reality is that this Ethereum ICO whale still has a significantly larger amount of ETH to dispose of. It is worth noting that the whale received a total of 254,908 ETH during the ICO. This total stash had a value of $79,000 at the time, but in today’s valuation, it is worth over $646 million.
After the 3,000 ETH offload, the whale still has 37,070 ETH to sell off, valued at $93.8 million.
Ethereum spotlight brighter
It’s clear that Ethereum is under significant strain, with some of this stress stemming from large transactions by prominent investors. This selling activity has been a significant factor. In fact, Ethereum led all cryptocurrencies in market liquidation over the previous 24 hours, surpassing even Bitcoin (BTC).
As an analyst, I’ve observed that despite the intensifying competition from related layer-2 scaling solutions, Ethereum continues to maintain its robust growth trajectory. The dedicated development team behind ETH has been consistently implementing innovative upgrades aimed at improving functionality and usability, thereby sustaining its momentum.
One recent improvement involves the Ethereum transaction fees, or gas fees, which have significantly decreased by as much as fourfold in recent times. On his agenda for developers within the Ethereum community, Vitalik Buterin includes the proposed implementations of The Scourge and The Verge.
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2024-10-24 15:28