Gamza Khanzadaev
Recent sales by long-time Ethereum investors spark fear, uncertainty and doubt amid ETH price decline
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In a notable development within the Ethereum ecosystem, an early participant in an initial coin offering (ICO) recently executed a significant sell-off, drawing the attention of the entire cryptocurrency community. According to a Spot on Chain report, the person in question sold 2,000 ETH for 6 million USDC, which is a sizable transaction.
This event is particularly noteworthy due to the historical context of the relationship between whales and Ethereum. Records show that Whale initially acquired 33,213 ETH during Ethereum's Genesis ICO on July 30, 2015, at an ICO price of approximately $0.31 per token. They strategically managed their holdings over time, depositing some of their approximately 5,110 ETH on the Kraken exchange or liquidating it via decentralized exchanges at an average price of approximately $2,545 per ETH.
Despite this recent sale, Whale still maintains a significant balance of approximately 29,700 ETH (equivalent to approximately $89.4 million), primarily distributed across three wallets within the staking platform.
The emergence of such ancient holders often prompts scrutiny and speculation within the cryptocurrency market. Historical data suggests that large sales by early investors can impact market dynamics and contribute to increased volatility.
Interestingly, this sale coincided with a period of decline in Ethereum prices, with the price dropping below $3,000 per ETH. Since the beginning of the week, Ethereum has fallen 9% from its recent high near $3,300.
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Gamza Khanzadaev
