Ethereum ICO Whale Continues to Sell Ether Tokens

Ethereum ICO History: Whale’s Ongoing Liquidation and Market Implications

Ethereum ICO – A significant participant in the Ethereum initial coin offering (ICO) has resumed selling thousands of Ether (ETH) tokens, offloading $24 million in the cryptocurrency a few months ago. On October 24, this Ethereum whale sold an additional 3,000 ETH, netting over $7.6 million, according to a report from blockchain analytics firm Lookonchain.

Impact of Previous Sales on ETH Price

This same address had previously sold 7,000 ETH in July, which coincided with a subsequent 15% drop in the price of ETH. Currently, these transactions represent approximately 4% of the total ETH received by the whale during the Ethereum ICO in 2015, totaling 254,908 ETH. Unlike Bitcoin (BTC), which was launched without an ICO in 2009, Ethereum was introduced through a token sale that raised significant capital.

Ethereum ICO Overview

The Ethereum ICO, announced by co-founder Vitalik Buterin at the North American Bitcoin Conference in Miami in early 2014, sold around 60 million ETH to investors, raising approximately 31,000 Bitcoin, valued at around $18 million at that time. The ICO offered ETH at an initial discounted price of 2,000 per BTC, or about $0.3. The Ethereum Foundation clarified that these tokens were not classified as securities.

Whale’s Remaining Holdings

The whale still retains 37,070 ETH, worth roughly $94 million, from the original ICO holdings. This latest sale of 3,000 ETH has not led to a significant price decline, unlike the earlier sale in July. According to CoinGecko data, Ether fell approximately 2.4% over the past 24 hours, trading at $2,521. While there has been a slight decline over the past 30 days, Ether has appreciated by 38% over the past year.