An Ethereum ICO participant has been actively selling substantial amounts of ETH, according to Lookonchain. Most recently, the individual sold another 6,000 ETH, valued at $14.11 million, just an hour ago, at the time of writing.
Since September 22, this participant has sold a total of 40,000 ETH, worth approximately $101 million, at an average price of $2,525. Despite the significant sell-off, the trader still holds 99,500 ETH, currently valued at around $238 million.
Ethereum ICO Participant Keeps Selling His Holding
This isn’t the first instance of the participant offloading large quantities of ETH. Lookonchain previously reported another sale, where the participant deposited 12,010 ETH ($31.6 million) to Kraken over the last four days after remaining dormant for over two years.
Initially, the ICO participant received 150,000 ETH at the Genesis block of Ethereum, with the ICO cost being $46,500, which is now worth an estimated $394.5 million.
In a more recent transaction, the same Ethereum ICO participant sold another 19,000 ETH, valued at $47.54 million, over the past two days. The ongoing sales have caught the attention of market observers, as the individual still holds a sizable portion of the Ethereum supply, further fueling discussions about its potential impact on the market.
Ethereum’s Price Action
These significant ETH sales coincide with some noticeable price drops for Ethereum. The price of ETH has decreased by over 10% in the past week, beginning at $2,650 and falling as low as $2,365 on October 3. According to CoinMarketCap, this fall has surpassed that of the whole cryptocurrency market, which fell 2.6% over the same time frame.
Additionally, the ETH/BTC trading ratio has slipped back to 0.039, signalling increased concerns among traders. The falling ratio reflects Ethereum’s underperformance relative to Bitcoin, which remains more stable amid market fluctuations.
Currently, Ethereum is trading at $2,411.62, marking a 1.45% increase over the last 24 hours. The global market cap for ETH stands at $290.3 billion, up 1.46%. However, the 24-hour trading volume has dropped by more than 24%, indicating a decrease in market activity.
Institutional Interest Remains Strong
Many Ethereum backers are still upbeat about the long-term prospects of the cryptocurrency despite the selling pressure and price swings. There seems to be a surge of institutional interest as ether-based spot ETFs had inflows of about $20 million on October 2. A major force in the institutional investing market, BlackRock, was responsible for a large portion of this activity.
Despite the difficult market conditions, Ethereum’s supporters, both institutional and community, are optimistic about the platform’s future. Ethereum’s future course will probably be determined in the next few weeks by the interplay between significant sell-offs and institutional interest that has returned.