An early ICO participant made a significant sell-off lately, which caught the attention of the cryptocurrency community and is a noteworthy development inside the Ethereum ecosystem. The person in issue reportedly sold 2,000 ETH for 6 million USDC, a significant transaction, according to sources from Spot on Chain.
Because of the whale’s historical connection to Ethereum, this occurrence is very notable. Documents show that on July 30, 2015, during Ethereum’s Genesis ICO, the whale first purchased 33,213 ETH at an ICO price of around $0.31 per token. With a part of around 5,110 ETH either put to the Kraken exchange or sold via decentralised exchanges at an average price of roughly $2,545 per ETH, they have wisely managed their holdings over time.
https://x.com/spotonchain/status/1780786226641183230
The whale still has a sizable balance of over 29,700 ETH, worth about $89.4 million, spread across three wallets, mostly used for staking sites, even after this latest sell-off.
The appearance of these elderly holders frequently sparks interest and conjecture in the bitcoin market. Large sell-offs by early investors may have an impact on market dynamics and raise volatility, according to historical data.
It’s interesting to note that the sell-off follows a period of falling Ethereum prices, with ETH falling below $3,000. Ethereum has dropped 9% since the start of the week from its most recent high of about $3,300.
