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The market may be in selling mode, but the top whales have already found a way to cash out their profits. As shared by crypto analysis platform Lookonchain, Ethereum ICO participants have initiated new sell transfers, increasing sell pressure in the broader market.
Ethereum ICO whale profits
According to Lookonchain data, an Ethereum ICO participant transferred 3,000 ETH, worth about $7.64 million, a few hours ago. The analytical platform highlighted that this whale last sold on July 1st. At that time, 7,000 ETH worth approximately $24.28 million was offloaded.
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Whale actions related to ETH are not uncommon, but this whale sale at the time caused the price of Ethereum to drop by 15%. The same trend is evident in this sharp decline. Ethereum price is currently down 2.15% to $2,527.44.
One hard reality is that this Ethereum ICO whale still has a large amount of ETH left to dispose of. It is worth noting that Whale received a total of 254,908 ETH during the ICO. The total stash was worth $79,000 at the time, but is worth more than $646 million at today's valuations.
After offloading 3,000 ETH, the whale still has 37,070 ETH (worth $93.8 million) left to sell.
Ethereum spotlight gets brighter
Ethereum is facing considerable pressure, in part due to fallout related to the whale sale. The digital currency led the clearing of the entire cryptocurrency market in the past 24 hours, outperforming Bitcoin (BTC).
Despite increasing competition from related layer 2 scaling solutions, Ethereum has managed to maintain its growth pace. ETH developers have introduced unique upgrades across the board to facilitate improved usability.
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One of the latest enhancements is based on Ethereum’s gas fees, which have consistently fallen by up to 4x recently. With plans to implement The Scourge and The Verge, Vitalik Buterin has set out an important to-do list for innovators in the ecosystem.
