An investor who took part in the Ethereum initial coin offering (ICO) back in 2014 is liquidating their holdings, with the most recent transaction occurring on October 24. This selling activity may lead to a negative price trend for ether (ETH), mirroring recent similar cases.
As noted in a tweet from the on-chain analytics company Lookonchain, the last time this Ethereum ICO participant sold their coins in July, ETH experienced a decline of approximately 15% in subsequent weeks.
Ethereum ICO Investor Liquidates Assets
Information provided by Lookonchain indicated that the crypto investor sold 3,000 ETH, which was valued at $7.64 million during the transaction. Following this sale, ETH dropped by 1.4%, from $2,545 to $2,510, in just a few minutes. Although the cryptocurrency saw a minor rebound to $2,520 at the time of this writing, it remains in the negative, down almost 2.5% over the last 24 hours.
On July 1, this investor had sold 7,000 ETH worth around $24.28 million. Subsequently, the asset fell from $3,432 to $2,981 within days, according to data from CoinMarketCap.
During the ICO, the investor acquired 254,908 ETH, which was valued at $79,000 at that time. However, due to ether’s appreciation over the past decade, the value of this holding has surged to $646 million. The investor has since sold a significant portion of their stash and now retains 37,070 ETH, approximately valued at $93.8 million.
Though the quantity of ETH sold this time is considerably less than in July, the investor’s actions have raised alarms about a potential decline in the asset’s price. These worries have been exacerbated by the ongoing atmosphere of fear, uncertainty, and doubt (FUD) prevalent in the market regarding ether’s future price movements.
ICO Investors Are Awakening
A number of Ethereum ICO investors have been emerging from inactivity, recently liquidating substantial portions of their assets. Earlier this month, CryptoPotato reported on another investor who had been inactive for two years and sold 19,000 ETH valued at $47.5 million within just two days. Before this month’s sale, this ICO participant had offloaded 12,010 ETH valued at $31.6 million in the last week of September.
During the ICO, this investor received 150,000 ETH worth $46,500, and prior to the recent sales, the total value of their stash had grown to $358 million.
In the meantime, these ongoing sales have been a contributing factor to ether’s lackluster performance over the past month, as it has decreased by 4.5%.
The post Ethereum ICO Participant Sells 3K ETH: Here’s Why This Spells Trouble appeared first on CryptoPotato.
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