The cryptocurrency market continues to see significant activity, with one of the most notable moves being a massive Ethereum (ETH) sell-off by the Interchain Foundation, the development team behind Cosmos (ATOM). According to data from Ember Analytics, the foundation sold 4,000 ETH worth approximately $9.5 million just yesterday. This sale is part of a broader liquidation strategy that the foundation has been implementing since April, during which it sold a total of 15,100 ETH, worth approximately $37.09 million.
Huge Sales for Interchain Attract Attention
The InterChain Foundation gained notoriety in April 2017 with a highly successful initial coin offering, raising 4,882.7 BTC and 246,891 ETH. Over the years, the foundationâs crypto holdings have grown significantly. Rather than hold onto these assets indefinitely, the foundation has actively sold off portions of its reserves, earning approximately $132.2 million by selling 4,499 BTC and 223,305 ETH over the past seven years.
Despite these sales, the foundation still maintains a significant reserve of 383.8 BTC and 23,587 ETH, providing a strategic buffer for the long-term development of the Cosmos ecosystem. These funds do not simply sit idle; they are used to support projects and developers associated with Cosmos. The proceeds from these sales continue to play a vital role in advancing the blockchainâs goals of scalability and interoperability.
Ethereum Whale Sells Millions Amid Market Uncertainty
Meanwhile, a prominent Ethereum whale has been making headlines with its active presence in the market. A whale known as vladilena.eth recently transferred 3,000 ETH, worth around $7.25 million, to Binance, leading to speculation of a potential massive sell-off. In the last 17 hours, this whale also transferred 15,033 wrapped Ethereum (weETH) to ETH, worth around $36.39 million, and deposited the funds on the Aave exchange. Currently, this whale holds a total of 20,000 ETH on Aave, further fueling interest in their future strategies.
These large moves from both the Interchain Foundation and prominent Ethereum whales underscore the volatility and unpredictability that continues to characterize crypto markets. While Cosmos remains one of the most innovative blockchain projects, its price has seen a significant drop, down 89% from its all-time high, reflecting broader market conditions.
As the market watches these developments, it remains clear that the strategic moves of whales and institutions alike will continue to influence the direction of the cryptocurrency industry.
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The published articles do not represent any financial or investment advice, but are merely news about market conditions and traders only.
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