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An Ethereum ICO whale has extended his selling spree to two weeks after offloading 19,000 $ETH in the past two days.
In this Ethereum news today, an Ethereum ICO participant has continued to massively dump his Ether bag after awakening from a two-year dormancy a few weeks back. Data from on-chain analytics firm Lookonchain shows that the whale has dumped 19,000 $ETH, worth $47.54 million, in the past two days.
Notably, during the Ethereum initial coin offering in 2015, the wallet received 150,000 $ETH at the cost of $0.31 per coin in the Genesis block. Interestingly, the value of the Ether he received then has surged from $46,500 to over $358 million.
Whale Dumps Fresh 19,000 $ETH
On-chain analysis shows that the Ethereum ICO whale resumed selling $ETH on October 1, dumping 4,000 $ETH when the asset traded at $2,655. The wallet dumped another 5,000 $ETH on the same day, valued at around $12.7 million.
On Wednesday, the wallet continued the spree, dumping $14.7 million worth of Ether (6,000 $ETH). Further analysis shows that the wallet sold another 4,000 $ETH when the asset’s price dropped to $2,380.
Notably, an earlier report confirmed that the whale sold 12,010 $ETH last week. At the time, the wallet dumped Ether worth $31.6 million after a lack of on-chain activity for over two years.
Ethereum Down 10% in October as FUD Escalates
The ICO participant’s sales correlate with a swelling weakness in the Ethereum price. The second-largest crypto asset by market cap has dumped over 10.4% from the $2,655 price top on October 1.
Adding to the market-hostile development in the Middle East, FUD around the Ethereum ecosystem has escalated. Crypto trader Bluntz Capital reacted to the constant sales from ICO participants, noting that “even day 0 eth OGs are jumping ship.”
Another user blamed Ethereum co-founder Vitalik Buterin for the incessant dumps, stating he should “get back to work.” Notably, Buterin and the Ethereum Foundation have recently dumped a considerable amount of Ethereum.
Meanwhile, institutional investors are buying up the dip. Data from Sosovalue shows that the Ethereum spot exchange-traded funds saw an inflow of $14.45 million, with the BlackRock iShare Ethereum Trust (ETHA) buying 7,631 $ETH ($18.04 million) yesterday.
At the time of writing, Ethereum was trading at $2,371, down 4.6% in the past 24 hours.