Cosmos Network developers have moved their 295.3 BTC cache, which was raised during an Initial Coin Offering (ICO) in 2017. The BTC, now valued at about $27 million, was moved for the first time since the ICO, according to blockchain analyst Yu Jin. During the ICO, Cosmos raised more than $17 million comprising 4,882 BTC and 246,891 ETH. Over the years since the ICO, the value of these assets has grown sporadically.
According to Yu Jin, the transfer was made from funds generated through the ICO, where the developers got Bitcoin and Ethereum. With the bull run that enveloped the wider crypto market, Bitcoin and Ethereum surged in value, increasing the value of their stash. In the analysis, Yu Jin mentioned that the small $17 million raised is now worth over $213 million.
Cosmos Network’s BTC and ETH transactions in 2024
According to reports, the Cosmos Network developers had transferred 4,786 BTC and 229,703 ETH since the 2017 ICO. Despite the transfers, the cache still remains at 96.4 BTC and 17,118 ETH worth $67 million in the present market. The massive surge in the price of the assets over the years since the event increased the value of the unsold assets. This transfer is one out of the many that the developers sold this year.
In October, Cosmos’ parent firm Interchain Foundation sold $9.5 million worth of ETH. The foundation has sold a cumulative of 15,100 ETH worth $37.09 million from April to October. The transaction puts the total sale in 2024 at $78.67 million. Meanwhile, Cosmos’ native token is having a tough month like the rest of the market, losing 24% in the last month. The token sells at $6.79 and is seeing a rise of 6.6% in the last 24 hours.
Bitcoin’s struggles push investors to make gains
Bitcoin has been facing recent struggles in the market, with the asset currently leading a bearish momentum. According to CoinGecko, the asset traded down from a 6-day high of $99,000, moving to $93,000. The recent price drop may have been the reason why Cosmos Network sold some of its stash, a move that will keep the downward pressure on the asset.
Bitcoin was above $92,000 last Friday, renewing the hope of traders entering into the weekend. However, buyers are still facing significant challenges with crossing above the $100,000 level. The asset was on its way up before hitting resistance at $96,000, a move that pushed it further down to $93,000. Although it has gained $500, the asset has lost more than $1,000 of its value.
While the market remains bullish, the asset momentum remains limited. If Bitcoin catches the bullish momentum, it could attempt to power above $100,000 again. Should the asset sustain the momentum, it could move upwards, entering an ascending channel, with the asset risking entering overbought territory. If the asset refuses to enter the upward region, it could see a drop into the six-week lows before any meaningful rise.
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