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Ethereum ICO participant’s ETH sale raises price concerns

Ethereum ICO participant’s ETH sale raises price concerns

GrafaGrafa2024/10/25 10:37
By:Liezl Gambe

An investor from Ethereum’s (CRYPTO:ETH) 2014 Initial Coin Offering (ICO) recently sold 3,000 ETH, worth approximately $7.64 million, sparking concerns of potential price volatility for the cryptocurrency.  

On October 24, on-chain analytics firm Lookonchain reported the sale, highlighting that similar transactions in the past led to notable price declines.  

The investor, who received 254,908 ETH during the ICO for just $79,000, has significantly benefited from Ethereum’s appreciation over the last decade.  

Currently holding around 37,070 ETH valued at nearly $93.8 million, this whale’s recent actions have attracted attention due to their historical impact on ether’s (ETH) price.  

Data from Lookonchain shows that when the same investor sold 7,000 ETH on July 1, worth $24.28 million at the time, ether’s price fell from $3,432 to $2,981 in the days following—a drop of roughly 15%.  

After this latest sale, ETH slipped by 1.4% within minutes, falling from $2,545 to $2,510 before recovering slightly to $2,520 at the time of reporting.  

Concerns are mounting over further downward pressure on ETH, especially as market fear, uncertainty, and doubt (FUD) continue to circulate.  

The timing of these significant sell-offs has heightened market apprehensions about Ethereum’s price stability.  

Additionally, other early Ethereum investors have also been liquidating portions of their holdings.  

Earlier this month, another investor sold 19,000 ETH worth $47.5 million, following a previous sale of 12,010 ETH at the end of September, worth $31.6 million.  

This particular investor initially acquired 150,000 ETH during the ICO for just $46,500, with their total holdings previously valued at $358 million.  

These recurring sales have contributed to ether’s poor performance over the past 30 days, with the cryptocurrency down 4.5%.  

At the time of reporting, the Ethereum price was $2,495.91.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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