According to on-chain data, Cosmos Network developers have completed a massive transfer of 295.3 Bitcoins.
This is the first large-scale transfer in nearly two years. According to data at the time of the transaction, the total value of these BTCs is approximately $27.7 million.
On-chain data suggests that some of the Bitcoin sold may have come from funds raised by Cosmos during its Initial Coin Offering (ICO) in 2017. Cosmos received high-value contributions in Bitcoin and Ethereum during the ICO process.
Cosmos team may continue to sell
This transfer is not the only major transaction that Cosmos developers have made this year. On November 22, the team transferred $10.16 million worth of Ethereum. With the latest transaction, the team sold a total of $78.67 million worth of BTC and ETH. However, the developers still hold 96.4 BTC and 17,188 ETH. The current market value of these assets is around $67 million.
This suggests that the Cosmos team still has a large portion of the funds they raised during the ICO. These recent transactions may be considered as part of a profit strategy by the team.
Stay tuned.