Key Takeaways:
- A 2014 Ethereum ICO participant has sold another $47.5M worth of ETH, part of a broader two-week selling spree totaling over 31,000 ETH.
- Ethereum’s price has dropped nearly 10% in early October, underperforming the broader crypto market and reigniting FUD.
- Despite the price dip, institutional inflows into Ether ETFs are rising, with BlackRock leading $20M in purchases amid renewed interest.
A major Ethereum investor, who participated in the 2014 ICO, has triggered market turbulence by selling large amounts of Ether (ETH) amid a price decline.
Over the past two weeks, this “whale” has offloaded 19,000 ETH worth $47.5 million, following a similar sale of 12,000 ETH in late September.
This #Ethereum ICO participant sold another 19,000 $ETH($47.54M) in the past 2 days!
— Lookonchain (@lookonchain) October 3, 2024
The participant received 150K $ETH(ICO cost was $46.5K, now worth $358M) at #GENESIS.https://t.co/WbaTNzh5T4 pic.twitter.com/p82RcPRYMd
This selling spree coincides with a 10% drop in Ethereum’s price since October began, exacerbating market concerns.
The ETH/BTC ratio also hit its lowest point since mid-September.
While some critics are skeptical of Ethereum’s performance, pointing to underperformance and market struggles, prominent supporters like Anthony Sassano and Ryan Sean Adams remain optimistic.
And if the sells from the Ethereum Foundation didn’t shake things up enough… an Ethereum ICO participant just sold 19,000 $ETH over the past two days, worth $47.54M.
— Satoshi Club (@esatoshiclub) October 3, 2024
This participant originally received 150,000 ETH at the Genesis block for $46.5K, now valued at $358M. pic.twitter.com/rjYc95Cum0
They emphasize Ethereum’s financial success and upcoming upgrades aimed at boosting user adoption.
Institutional interest also seems to be returning, with nearly $20 million in inflows to Ether ETFs driven by BlackRock, contrasting Bitcoin ETFs, which have seen outflows.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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