Ethereum ICO Whale Dumps $1.21M Worth of Ether
CryptoNewsTerminal Staff05 Sep, 2024
Ethereum ICO Whale Dumps $1.21M Worth of Ether
Ethereum ICO participant whale has recently dumped $1.21 million worth of ETH. This is a significant event considering that ICO participants are typically long-term holders and are responsible for the vast majority of Ethereum liquidity. The whale address in question bought 1 million ETH in the 2015 Ethereum ICO, which was worth $15 million at the time. The whale's "spending wallet" address alone still holds approximately $36 million worth of ETH. Considering such a large sale, the price of Ethereum has surprisingly shifted only by 1.24% in the past 24 hours. This indicates that the market is still digesting the news and remains uncertain about what this means for the long-term price of ETH. It is worth noting that this isn't the first time an ICO participant has sold a large amount of their ETH. In 2018, another ICO participant dumped $100 million worth of ETH, which caused a significant drop in the price of Ethereum. However, the market has since recovered, and Ethereum is now trading at a much higher price than it was in 2018. It is certainly possible that this recent sale could have a similar impact on the price of ETH. However, it is also possible that the market will remain largely unaffected, as it did in 2018.
