$ETH An ICO Whale Sells $47 Million In ETH And Causes A Crash In The Crypto Market đ«Ł
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The crypto market is once again shaken by waves of fear, uncertainty, and doubt (FUD) as a major investor from Ethereumâs ICO recently liquidated a large portion of its holdings. According to on-chain transaction data, this investor sold 19,000 ETH, valued at approximately $47.5 million, over the past two days.
đ Crypto: Ethereum in peril as an ICO whale liquidates $47 million!
This massive sale comes after a series of similar transactions that began in late September, when more than 12,000 ETH, valued at $31.6 million at the time, were transferred to the Kraken platform. This crypto investor, who initially acquired 150,000 ETH during Ethereumâs ICO in 2014, has seen the value of these assets rise from $46,500 to nearly $400 million today.
The ongoing exit by this investor has had a significant impact on Etherâs price, which has dropped nearly 10% since the beginning of October. The price of ETH fell from $2,650 on October 1 to an intraday low of $2,365 today on October 3. This decline has revived criticisms and concerns about Ethereumâs future, which has underperformed this year compared to other cryptos.
đČ Unwavering confidence despite challenges
Despite this situation, the Ethereum community remains resilient. Influential figures like Anthony Sassano and Ryan Sean Adams continue to defend the network, highlighting its achievements and future potential. Additionally, planned improvements for account abstraction and authentication are expected to enable Ethereum to welcome the next billion crypto users.
Meanwhile, institutional investors also seem to be reconnecting with Ethereum. The nine Ether ETFs recorded an inflow of nearly $20 million on October 2, primarily driven by BlackRock. This influx is the largest of the week, occurring a day after the largest fund outflow since the launch of the ETFs.
