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One of the first Ethereum investors ETH $2,431.55 Ethereum -2.36% Market capitalization $293.44 billion VOL. 24 hours $0.77 billion , who participated in the ICO(a form of attracting investment in new technology projects and startups in the form of issuing and selling new cryptocurrencies to investors — ed.) in 2014, began selling its assets. According to analysts, this may have a negative impact on the price of ETH, Cryptopotato reports.
The last sale took place on October 24, when an investor sold 3,000 ETH worth $ 7.64 million. After that, the price of ethereum dropped by 1.4%, falling from $ 2,545 to $ 2,510, although it recovered slightly to $ 2,520. Overall, ETH remains in the red zone.
This is not the first time that the actions of this investor have affected the market. In July, he sold 7,000 ETH worth about $ 24.28 million, which caused the price of the altcoin to drop from $ 3,432 to $ 2,981 in a few days. During the ICO, the investor received 254,908 ETH, which were then valued at $ 79,000. Today, the value of these assets has increased to $ 646 million, but the investor has already sold most of them and now owns about 37,070 ETH worth approximately $ 93.8 million.
In addition to this investor, several other ICO participants have recently started selling significant amounts of ETH. Earlier this month, one such investor sold 19,000 ETH for $ 47.5 million, and at the end of September, he sold 12,010 ETH for $ 31.6 million. Such actions have exacerbated the fall in the price of ethereum, which has been about 4.5% over the past 30 days.