As a researcher who has been closely observing the cryptocurrency market for several years now, I find myself constantly intrigued by the whales that dominate the Ethereum market. The recent sale of 3,000 Ether tokens by an ICO whale, cashing out over $7.6 million, is yet another instance that underscores the immense power these whales wield in the crypto world.
As an analyst, I’m observing a fascinating trend: An individual who took part in the Ethereum Initial Coin Offering (ICO) has been consistently offloading large quantities of Ether tokens following their sale of approximately $24 million worth of the cryptocurrency a few months ago.
On October 24th, a significant investor in an Initial Coin Offering (ICO) on Ethereum network sold approximately 3,000 Ether (ETH), translating to over $7.6 million, as per data from the blockchain analysis service, Lookonchain.
7,000 ETH were previously traded at the same address in July, leading to a 15% decrease in ETH’s value, as observed by Lookonchain.
Approximately 4% of the whale’s overall Ethereum received from the 2015 Ethereum Initial Coin Offering amounts to roughly 254,908 ETH in total transactions.
Ethereum was launched through an ICO in 2014
As opposed to Bitcoin (BTC), which debuted in 2009 without an Initial Coin Offering (ICO), Ethereum, the second-largest cryptocurrency by market value, entered the scene via a token sale. In my role as an analyst, I find it fascinating to observe these different approaches to launching digital currencies.
It’s said that Vitalik Buterin, one of Ethereum’s creators, unveiled the Initial Coin Offering (ICO) for the Ether token on Ethereum at a North American Bitcoin Conference held in Miami during early 2014.
During its Initial Coin Offering (ICO), Ethereum successfully sold around 60 million Ether tokens to investors, which equated to roughly 31,000 Bitcoins. At that particular moment in time, this Bitcoin sum was valued at approximately $18 million.
At the start, each Ether (ETH) cost approximately 2,000 Bitcoins (BTC), which equated to about $0.3, during the Initial Coin Offering (ICO). The Ethereum Foundation made it clear that these tokens should not be considered as securities.
Through the ICO, numerous individuals became millionaires on the Ethereum platform, amassing substantial amounts of Ether (ETH) over the years. Many of these wealthy individuals cashed out their ETH holdings during the recent surge in ETH’s value.
The whale still has 37,000 ETH to cash out
37,070 Ether, which amounts to approximately $94 million, is still being held by a significant investor (whale) from the Ethereum ICO in 2014. This information was obtained via Lookonchain.
Contrary to the significant drop in ETH price following the 7,000 ETH sale in July, the 3,000 ETH sale this time did not lead to a similar sharp decrease in the ETH price.
As per information from CoinGecko, Ether experienced a decrease of approximately 2.4% within the last 24 hours at the point of this writing, being traded at $2,521.
Over the last month, Ether has experienced a slight dip, but it’s important to note that its growth over the past year stands at a robust 38%, as indicated by data from CoinGecko.
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2024-10-24 15:16