Ethereum ICO Whale Sells 19,000 ETH Worth Over $47 Million Amid Market FUD

An Ethereum ICO participant has sold another 19,000 ETH over the past two days. This recently unloaded reserve is worth about $47.54 million at current prices.

This entity had previously received 150,000 ETH during genesis at an ICO cost of only $46.5 thousand.

Inactive Ethereum ICO Participant Appears Again

As noted by on-chain transaction analytics platform Lookonchain, this sale follows a recent move in the last week of September when the same participant deposited 12,010 ETH, valued at $31.6 million, to the cryptocurrency exchange Kraken after being inactive for over two years.

Initially, the investor’s total ETH stake was worth more than $358 million at the current price before these major transactions.

The Ethereum ICO took place between July and September 2014. A total of $18 million was raised. When Ethereum went live in July 2015, early contributors received 80% of the tokens. Meanwhile, the rest went to the Ethereum Foundation and early team members.

Last month, an Ethereum address broke its nine-year latency by depositing 5 ETH to Kraken. Similarly, another long-time ICO participant transferred over $9 million in ETH to the same exchange this year.

It is important to note that such transfers are quite rare. Despite this, the latest came amid increased fear, uncertainty and doubt (FUD) in the market as Ether prices experienced a sharp decline.

The world’s largest altcoin by market cap has fallen nearly 10% over the past week, currently trading below $2,400. This decline has reignited criticism of Ethereum, which has underperformed throughout the year. Market commentators are voicing concern over its price trajectory, with crypto trader ‘Bluntz’ pointing to X,

“Yeah, even the 0-day OGs are jumping ship.”

Ethereum attorney Anthony Sassano, on the other hand, said the FUD is “endless” as he expressed his frustration, adding that “most people in this industry don’t really care about true”.

“It’s all incredibly tiring.”

Ethereum ETF View Entries

Institutional investors appear to be showing renewed interest in Ethereum, as the nine ETF Ether spots recorded inflows of $14.45 million on October 2, according to data from SoSoValue.

BlackRock’s ETHA led with $18.04 million, followed by Franklin Templeton’s EZET, which attracted $1.81 million in inflows.

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