In a stunning turn of events, an Ethereum ICO participant has resurfaced after a two-year hiatus, unleashing a wave of selloffs that has caught the attention of the crypto community. Over the past two days, on-chain data has revealed that this notorious whale dumped a staggering 19,000 ETH, valued at approximately $47.54 million, reigniting concerns about market stability as the selling spree extends into its second week.
A Look Back at the ICO
This particular wallet, which initially participated in the 2015 Ethereum ICO, received 150,000 ETH at a mere $0.31 per coin. The initial investment of $46,500 has ballooned to a jaw-dropping $358 million, showcasing the incredible potential of early crypto investments. However, the recent selloff has left many in the Ethereum community speculating about the motives behind this sudden activity.
The whale’s latest round of selling began on October 1, offloading 4,000 ETH when the price stood at $2,655. The panic didn’t stop there; another 5,000 ETH was sold on the same day, totaling about $12.7 million. The trend continued, with 6,000 ETH sold on Wednesday at $2,450 and an additional 4,000 ETH as prices dipped further to $2,380. As a result, concerns about the whale’s intentions and potential market manipulation have taken center stage.
Ethereum’s Price Struggles
This massive selloff coincides with Ethereum’s troubling price action, with the cryptocurrency plunging more than 10% in October alone. Amid rising fears, uncertainty, and doubt (FUD) within the community, some investors have pointed fingers at Vitalik Buterin, Ethereum’s co-founder, for not taking more decisive action to stabilize the market. As of now, Ethereum is trading at $2,371, down 4.6% in the last 24 hours, showcasing the immediate impact of the whale’s actions.
Institutional Buyers Seize the Opportunity
While retail investors are left in panic mode, institutional players appear to be capitalizing on the price dip. Data from Sosovalue reveals that the BlackRock iShare Ethereum Trust (ETHA) recently acquired 7,631 ETH, equivalent to $18.04 million. In total, Ethereum spot exchange-traded funds (ETFs) have reported inflows of $14.45 million this week, indicating that institutional interest in Ethereum remains strong despite market turmoil.
Also Read: Ethereum Plummets 41% – Analysts Warn Of 50% Drop Amid Market Turmoil
As the Ethereum whale continues to offload his significant holdings, the cryptocurrency’s price is likely to remain in a state of volatility. However, the increasing involvement of institutional investors may provide a much-needed buffer against the ongoing selling pressure. With market watchers closely monitoring Ethereum’s response in the coming days, the question remains: will institutional buying provide stability, or will the whale’s actions lead to further turmoil?
In the fast-paced world of cryptocurrency, one thing is certain: every move made by major players has the potential to create ripples, influencing not just prices, but the very future of the assets involved. As Ethereum navigates this turbulent landscape, all eyes will be on its next moves amidst a backdrop of uncertainty and opportunity.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
