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The market might be in sell-off mode, but top market whales are finding a way to cash in on already accrued gains. As shared by crypto analytics platform Lookonchain, an Ethereum ICO participant has initiated a new sell-off transfer, adding to the broader market sell-off pressure.
Ethereum ICO whales taking profit
Per the Lookonchain data, the Ethereum ICO participant transferred 3,000 ETH worth approximately $7.64 million a few hours ago. The analytics platform highlighted that this whale last made a sale on July 1. At that time, 7,000 ETH, valued at approximately $24.28 million, was offloaded.
While related ETH whale action is not uncommon, this sell-off from the whale at the time saw the price of Ethereum drop by 15%. The same trend has emerged with this current sell-off. The price of Ethereum is currently down by 2.15% to $2,527.44.
One challenging reality is that this Ethereum ICO whale still has a significantly larger amount of ETH to dispose of. It is worth noting that the whale received a total of 254,908 ETH during the ICO. This total stash had a value of $79,000 at the time, but in today’s valuation, it is worth over $646 million.
After the 3,000 ETH offload, the whale still has 37,070 ETH to sell off, valued at $93.8 million.
Ethereum spotlight brighter
Ethereum is facing considerable pressure, fueled in part by related whale sell-offs. The digital currency led the overall crypto market liquidation over the past 24 hours, even above Bitcoin (BTC).
Despite growing competition from its associated layer-2 scaling solutions, Ethereum has managed to keep up its growth pace. ETH developers have been introducing unique upgrades across the board to fuel enhanced usability.
One of the latest enhancements rests on the Ethereum gas fee, which has dropped consistently up to four times recently. With plans to implement The Scourge and The Verge, Vitalik Buterin has set a crucial to do list for innovators within the ecosystem.
Dan Burgin
U.Today Editorial Team
