Lawrence Damilola
An Ethereum whale participating in the blockchain’s initial coin offering (ICO) in 2014 has begun selling large portions of Ether.
According to Lookonchain, an on-chain analytics platform, the entity sold 19,000 ETH, valued at approximately $47.5 million, over the last two days. The sales followed an earlier transaction in late September, where more than 12,000 ETH, worth $31.6 million, was sent to Kraken.
Lookonchain reported that the entity acquired 150,000 ETH during Ethereum’s ICO for around $46,500. Today, that amount is worth nearly $400 million. The recent sales have coincided with a sharp decline in Ethereum prices, which have dropped by almost 10% since the start of October. On October 1, ETH was priced at $2,650 but fell to an intraday low of $2,365 by October 3, marking a 3.7% decline within a day.
The price drop has outpaced the broader cryptocurrency market, which saw a 2.6% decline in market cap on the same day. The ETH/BTC trading ratio has also fallen to 0.039, a level last seen during the mid-September slump.
The large sales and price declines have sparked commentary within the crypto community.
“Yikes, even day zero ETH OG’s are jumping ship,” said crypto trader Bluntz, referring to the ICO participant’s recent transactions. Solana advocate “Cozy The Caller” added that “Ethereum is doing nothing these days but dragging crypto even lower.”
However, Ethereum supporters remain vocal. On October 3, Ethereum educator Anthony Sassano responded to the criticism, stating, “The FUD is neverending, and most people in this industry don’t actually care about the truth.” Ryan Sean Adams of Bankless noted on October 2 that Ethereum has generated over $140 million in gross profit from nine different chains over the past year. “Each chain is an economy,” Adams stated. “Ethereum is a federated union of economies with ETH as money.”
Institutional Involvement in Ethereum ETFs
Despite recent market movements, institutional investors continue to show interest in Ethereum. On October 2, spot Ether ETFs saw inflows of nearly $20 million, driven by BlackRock, marking the largest weekly inflow. This came just a day after the largest outflow since the funds were launched.
Conversely, spot Bitcoin ETFs recorded $53 million in outflows for the second consecutive day, according to Farside Investors.
At the time of writing, Ethereum is currently trading at $2,329.36, and it is currently down by 4.41% in the last 24 hours, according to Coinmarketcap.
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Lawrence does not hold any crypto asset. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
