Ethereum Whale Stuns Market with 19,000 ETH Sell-Off Amid Crypto Downturn

by

As a seasoned crypto investor who participated in the Ethereum ICO back in 2015, I can’t help but feel a mix of emotions reading about this recent sale of 19,000 ETH worth over $47.5 million. On one hand, it’s hard not to be envious of such a massive return on investment. But on the other, I can’t help but think, “If only I had sold sooner!

A massive Ethereum ($ETH) initial coin offering (ICO) participant has recently shaken up the cryptosphere after selling a staggering 19,000 ETH worth more than $47.5 million in just two days.

Based on information from Lookonchain, a firm that analyzes blockchain data, it’s reported that an individual acquired 150,000 ETH during the initial coin offering for approximately $46,500. Today, these tokens are valued at a staggering $358 million, representing a mind-boggling increase of nearly 770,000%.

2 days ago, the Ethereum ICO participant offloaded an additional 19,000 Ether (approximately $47.54 million)! This individual initially acquired 150,000 Ether during the Genesis ICO for a total cost of about $46,500. Now, that same amount of Ether is valued at a staggering $358 million!

— Lookonchain (@lookonchain) October 3, 2024

In 2015, during Ethereum’s Initial Coin Offering, investors had the opportunity to buy ETH for just $0.31 per token. Now, the price has skyrocketed to approximately $2,345, but over the last week, it has dropped by over 10.5%, due to a general decline in the cryptocurrency market.

Over the last week, there’s been a surge of investments in cryptocurrency products exceeding $1.2 billion. This trend seems to be due to investors shifting towards riskier assets following the Federal Reserve’s recent reduction in interest rates by 50 basis points. In simpler terms, people are putting more money into cryptocurrencies because they feel that riskier investments might bring better returns after the Fed lowered its interest rate.

For the initial time in five weeks, there was an influx of funds into products related to Ethereum last week, amounting to approximately $86.9 million. Since the London hard fork, Ethereum’s supply has noticeably decreased.

Based on current records, approximately 10.6 billion dollars’ worth of the second most valuable cryptocurrency has been destroyed since the network split. At its present rate of burning, about 0.83 Ether, equivalent to around $1,900, is being destroyed every hour.

1 Way: Essentially, Ethereum’s supply is gradually decreasing at a rate of approximately 0.32 ETH per minute due to its burning mechanism. Soon, Ethereum will undergo the Pectra hard fork, with an initial focus on enhancing wallet user-experience. Later, efforts will be made to optimize data availability sampling within the Ethereum Virtual Machine for improved performance.

Read More

2024-10-04 03:40