Even though the market is in a sell-off phase, top market whales are still making money off of previously made gains. An Ethereum ICO participant has started a new sell-off, which is contributing to the overall market selling pressure, according to statistics by the crypto analytics portal Lookonchain.
Ethereum Whale Transfers 3,000 ETH
The Ethereum ICO participant deposited 3,000 ETH, or roughly $7.64 million, a few hours ago, according to Lookonchain data. This whale’s last sale occurred on July 1, according to the analytics platform when it offloaded 7,000 ETH, or about $24.28 million.
Although similar ETH whale activity is not unusual, the price of Ethereum fell 15% during this sell-off from the whale. With the recent sell-off, the same pattern has surfaced. Ethereum is currently trading at $2,527.44, down 2.15%.
One difficult fact is that there is still a lot more Ethereum to sell for this Ethereum ICO whale. Notably, during the ICO, the whale received a total of 254,908 ETH. At the time, this entire hoard was valued at $79,000, but it is now worth almost $646 million. The whale still has 37,070 ETH, worth $93.8 million, to sell off after the 3,000 ETH dump.
Ethereum Selling Pressure Increases
Due in part to the whale sell-offs, Ethereum is under a lot of selling pressure. Over the last day, the digital currency, even more so than Bitcoin (BTC), led the entire crypto market liquidation. Ethereum has maintained its growth rate despite increasing competition from related layer-2 scaling solutions. Developers of ETH have been implementing distinctive enhancements in all areas to support improved usability.
One of the most recent advancements is the Ethereum gas fee, which has dropped by up to four times in recent months. With plans to implement The Scourge and The Verge, Vitalik Buterin has created a critical to-do list for ecosystem developers.
Conclusion
The recent sell-off by an Ethereum ICO participant underscores the significant influence that early whales can still have on the market. By offloading large amounts of ETH, this whale contributed to increased selling pressure, causing a noticeable drop in Ethereum’s price.
Although such sell-offs are not uncommon, they highlight how these major holders can impact market dynamics, particularly when large amounts are offloaded in short periods. Despite Ethereum’s ongoing development and efforts to enhance usability—such as gas fee reductions and upcoming upgrades—the market remains sensitive to these large-scale sell-offs, which can create temporary volatility.
Anthony Pedro
Anthony Pedro is a seasoned crypto writer with a deep passion for blockchain technology and digital currencies. With over 4 years of experience in the cryptocurrency space, Anthony has become a trusted voice, offering insightful analysis and commentary on the latest trends, innovations, and market movements. When not writing, he is actively engaged in the crypto community, attending conferences, advising blockchain startups, and experimenting with new projects.