Ethereum: wallet that participated in ICO sells 3,000 ETH
In 2024, several Ethereum (ETH) investors who purchased their tokens at launch began selling them on the market. One such investor recently took action, transferring 3,000 ETH from his wallet to an exchange.
The investor participated in Ethereum's initial coin offering (ICO), which took place 10 years ago. On Thursday (24), he sold a total equivalent to US$7.6 million in current values.
Discarding your ETH
According to on-chain analysis firm Lookonchain, this was not the first time that the investor disposed of ETHs purchased in the ICO. The last time he made a sale was in July, and at that time ETH lost around 15% in the following weeks.
On July 1, this investor sold 7,000 ETH for $24.28 million. According to CoinGecko, the price plummeted from $3,432 to $2,981 just a few days later.
On Thursday (24), the cryptocurrency investor disposed of 3,000 ETH worth US$7.64 million. Within minutes, the cryptocurrency fell 1.4% in a few minutes, going from US$2,545 to US$2,510.
Subsequently, ETH managed to recover its gains and registered an increase of 0.4%, quoted at US$2,537. In the last seven days, the price has fallen by more than 3%.
Early adoption
During the Ethereum ICO in 2014, the investor paid $79,000 to purchase 254,908 ETH. This investment, considering the current price of ETH, turned into a fortune of US$646 million.
Over the past few months, the initial investor has sold a large portion of his ETH – precisely, 85.4%. As a result of these sales, the wallet's ETH supply fell to 37,070 ETH, valued at almost $93.8 million.
Although the amount of ETH sold this time is much smaller than the July sale, the investor's actions have raised concerns. With ETH in a downtrend, movements from large portfolios could intensify declines.
Several Ethereum ICO participants are waking up from their slumber and recently selling large chunks of their assets. In early October, another investor dumped 19,000 ETH worth $47.5 million in two days.
During the ICO, this investor received 150,000 ETH worth $46,500, and prior to recent transactions, the stock's value had grown to $358 million. Part of these sales occurs due to the simple realization of profits after a wait that can last for years.