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According to on-chain data flagged by Onchain Lens, an ETH initial coin offering whale has begun liquidating its ETH assets held for 8 years. The ETH ICO whale recently sold 3,367 ETH worth $10.16 million at the current price of $3,032, sparking conversations about the future of Ether.
A whale wallet believed to have participated in ETH’s initial coin offering has begun liquidating ETH holdings after 8 years of dormancy. Although the wallet has liquidated a substantial amount of its ETH holdings, the whale still holds a significant amount of ETH.
Data from Ethereum’s blockchain explorer Etherscan indicates the wallet holds 37,069.8 ETH, equivalent to $112 million in today’s prices.
ETH ICO whale liquidates $10.16 million worth of ETH
After an 8-year dormancy, an $ETH whale has begun selling its $ETH holdings.
8 years ago, this whale received 12,229 $ETH, valued at $149K, from @ShapeShift, at an average price of $12.22.
6 hours ago, the wallet transferred all its $ETH to a new address and started selling.… pic.twitter.com/3lemTRRlhv
— Onchain Lens (@OnchainLens) November 9, 2024
Onchain Lens flagged a recent transaction where a whale liquidated 3,367.5 ETH worth approximately $10.16 million. Onchain Lens data shows the wallet received 12,229 ETH from ShapeShift 8 years ago. The ETH was about $12.22 each, and the total transaction was valued at $149,000 at the time. The wallet remained dormant until the recent liquidation.
SpaceShift’s issuing address was funded by an ETH ICO participant who received 32,000 ETH. 5,000 ETH of the funds received went to ShapeShift, the rest to Gatecoin, and 0.95 ETH to Cumberland, Says OTC.
The liquidation falls among the recent transactions witnessed on several wallets that participated in ETH’s ICO years ago. On October 24th, another Ethereum ICO participant sold 3,000 Ether for approximately $7.64 million. This particular wallet had undertaken another 7,000 ETH liquidation worth $24.28 million on July 1.
ETH prices dipped by about 15% after the sale. According to data from Lookonchain, the wallet received 245,908 ETH during the project’s ICO with an initial investment of $79,000, worth about $772 million at current prices. The wallet’s holdings were worth $1.2 billion when ETH was at its all-time high price in 2021.
Although the wallet has liquidated a substantial amount of its ETH holdings, the whale still holds a significant amount. Data from Ethereum’s blockchain explorer Etherscan indicates the wallet holds 37,069.8 ETH, equivalent to $112 million at today’s prices.
Ethereum exchange reserves continue to drop to record lows
Ethereum’s overall sentiment alongside the broader market remains bullish. However, many have expressed concerns about Ether’s price following the recent liquidations. One X user believes that the recent sell-offs could impact the asset’s price short term.
Some analysts have also suggested that ETH may experience a supply squeeze soon. Data from CryptoQuant shows Ethereum’s exchange reserves, or the total number of coins held by centralized exchanges, are hitting record lows. The declining exchange reserves imply that the asset is experiencing low selling pressure.
Ethereum recently broke above the daily range, holding the asset’s price between $2,160 and $2,761 since August. The crypto asset has soared by 21% in the last seven days and 4.31% in the last 24 hours. The upsurge has brought its retail price to $3,032 at the time of this publication.
Ethereum’s recent uptick coincides with the broader crypto frenzy caused by the just-concluded U.S. elections. Donald Trump publicly endorsed the crypto industry on several occasions and promised the crypto community a crypto-friendly environment in the U.S. His victory caused Bitcoin to soar to a new all-time high of $77,232.