Ethereum ICO Participant Sold 19,000 ETH Amid Crypto Downturn

• A dormant Ethereum whale sold 19K ETH for $47.54 Million.
• This sale happened during the ongoing crypto downturn.
• The actions of this Ethereum ICO participant have raised concern among the Ethereum community.

The Ethereum community is surprised after a dormant Ethereum whale sold 19K ETH worth about $47.5 Million in 2 days. The actions of this Ethereum initial coin offering (ICO) participant contributed to the market volatility. 

Last week, different Ethereum-based products went through inflows above $1.2 Billion after five weeks of outflows. There has been a supply drop since its London hard fork. 

This #Ethereum ICO participant sold another 19,000 $ETH($47.54M) in the past 2 days!

The participant received 150K $ETH(ICO cost was $46.5K, now worth $358M) at #GENESIS.https://t.co/WbaTNzh5T4 pic.twitter.com/p82RcPRYMd

— Lookonchain (@lookonchain) October 3, 2024

More than $10.6 Billion worth of ETH has been reportedly burned since the hard fork. Also, 0.83 ETH worth around $1,900 is burned per hour at its current burn rate.

Now, the large sell-off by this Ethereum ICO participant has contributed to the ETH’s price drop. It shed 4.6% in the last 24 hours. Earlier, this Ethereum whale made a transaction of 12,000 ETH, sending it to Kraken in late September.

Ethereum Whale Invested In Ethereum’s ICO In 2014

In 2014, this Ethereum whale invested in ETH ICO. The whale held 150,000 ETH for $46,500, according to on-chain analytics firm Lookonchain. 

Now, the worth of these ETH tokens is $358 Million. In 2015, investors could purchase ETH for $0.31 per token. Now, ETH was trading at $2,345 after losing more than 10.5% of its value.

In September, this Ethereum whale sent 12,000 ETH to the Kraken exchange. This sale was made for $31.6 Million after being dormant for over two years. 

Reportedly, another Ethereum whale sent over $9 Million in ETH to the same exchange this year. 

Ethereum Price Drops 10% 

There is rising fear and uncertainty in the crypto market as Ether prices drop after the large sell-offs. The Ether token price declined by around 10% in the first week of October. 

This cryptocurrency, priced at $2,650 at the start of October, went down to $2,365. 

Ethereum has underperformed in 2024 due to many factors. ETH/BTC pair also plunged and reached a ratio of 0.039, the lowest point since April 2021. 

Now, this decline has reignited criticism of Ethereum among the crypto investors. All the traders and analysts started speculating on the future of Ethereum. 

Right now, the crypto market has been going through a rough phase. It is facing a significant downturn. Already, $200 Billion was shed in early October. 

Many traders have shifted to bearish outlooks. They are using terms like “Selltober” and “Octobear”.

Expectations For ETH’s Growth

Ethereum is still a major player in the cryptocurrency market as of October 2024. Several factors can influence its growth in the future. 

The Ethereum network has undergone several upgrades, including transitioning to Ethereum 2.0. It aims to improve scalability, security, and energy efficiency. 

Also, Ethereum remained the backbone of the decentralized finance (DeFi) and non-fungible token (NFT) ecosystems. 

The continuous growth in these sectors drives demand for ETH. It is the native cryptocurrency used for transactions in the ecosystem.

Ethereum network still has a total value locked of $45,320,000,000. Also, it has created nine chains, all of which have been profitable by making more than $140 million. 

Disclaimer

The data in this article is for informational purposes only. It does not constitute financial or investment advice for the readers. Investing in crypto assets carries the risk of financial loss. Readers should do their own research before making any investment in crypto assets. 

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