Amaranth Foundation Founder Sells 3,000 ETH After Market Plunge
CryptoNewsTerminal Staff06 Sep, 2024
Amaranth Foundation Founder Sells 3,000 ETH After Market Plunge
On-chain crypto analyst EmberCN reported via X that "Amaranth Foundation founder James Fickel's presumed address appears to have sold another 3,000 ETH to repay a loan following yesterday's market dump. His long position is also getting quite risky as the ETH/BTC ratio keeps dropping." Fickel's sale comes as the cryptocurrency market has been experiencing a downturn in recent weeks. Bitcoin, the world's largest cryptocurrency, has fallen by more than 50% from its all-time high in November 2021. Ether, the native token of the Ethereum blockchain, has also fallen by more than 50% from its all-time high in May 2021. The Amaranth Foundation is a non-profit organization that supports the development of the Ethereum ecosystem. The foundation was founded in 2017 by Fickel, a former software engineer at Google. It is unclear why Fickel decided to sell 3,000 ETH after yesterday's market dump. However, it is possible that he is concerned about the long-term prospects of the cryptocurrency market. The sale could also be a sign that Fickel is facing financial pressure and needs to raise funds.
