Eagle-eyed data scientist Alex Svanevik has noticed that an early Ethereum ICO investor has been allegedly dumping his ETH tokens as of recently after being a devoted hodler for years.
A mysterious whale
According to Etherscan, this pre-sale account sold more than 300,000 ETH (about $42.4 mln) in the past few months. The latest gargantuan transfer of 60,000 ETH took place on Nov. 12.
Prior to that, these tokens hadn't been touched since July 30, 2015, the date when the Ethereum genesis block was created. In between, there was only a multitude of transactions with zero ETH input.
It's not immediately clear who has access to these funds and who has received the recent transfers, but Svanevik suggests that all tokens might have dumped on the open market.
More selling pressure?
Ethereum's token sale, which opened a Pandora's box of countless ICOs, took place back in July 2013. The project behind the biggest altcoin to date raised about $2.3 mln worth of BTC.
The token quickly became the darling of the crypto industry and even came close to flippening Bitcoin before ICOs and the token's price started to spiral down.
ETH is currently changing hands at $141, down 99 percent from its all-time high of $1,397 that was set on Jan. 15, 2017.
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