Ethereum (ETH) Price Plunges 10% as Early ICO Participant Dumps Another 19,000 ETH

The panic among Ethereum coin investors has surged again, despite bullish sentiments supporting the price pump.

A whale crypto transaction tracker platform, Lookonchain, noted on Oct. 3, 2024, that an participant in the Ethereum Initial Coin Offering (ICO) had been rapidly selling off the asset over the past seven days.

This #Ethereum ICO participant sold another 19,000 $ETH($47.54M) in the last 2 days!

The participant received 150K $ETH(ICO cost was $46.5K, now worth $358M) at #GENESIS.

This Ethereum whale has sold 19,000 ETH, worth around $47.5 million, in just the last couple of days.

The large ETH holder, who had been dormant for some time, began selling their stash in late September, when more than 12,000 ETH, valued at $31.6 million at the time, was sent to the Kraken exchange.

As noted by the platform, the participant obtained 150,000 ETH during the ICO in mid-2014. The stash, which was initially valued at around $46,500, is now worth almost $400 million.

On the other hand, some experts believe that institutional investors are preparing to make a large profit, as the nine spot Ether ETFs recorded an inflow of almost $15 million on Oct. 2, which was primarily driven by BlackRock.

According to the latest ETF data, the total net outflow of Bitcoin spot ETF on Oct. 2 was $91.7633 million, Grayscale ETF GBTC outflow was $27.3131 million, ARKB ETF outflow was $60.28 million, and Fidelity ETF FBTC had an inflow of $21.0812 million.

Meanwhile, the Ethereum spot ETF had a net inflow of $14.4499 million, and BlackRock ETF ETHA had an inflow of $9.6406 million.

As reported by Cointelegraph, the United States Securities and Exchange Commission (SEC) has approved several physically backed Ether ETFs this year, following years of delaying a decision on the matter. The first Ether ETF was launched on the New York Stock Exchange Arca in October 2022.

The approval of Ether ETFs has been a significant development for the cryptocurrency industry, as it provides institutions and investors with an easy way to gain exposure to ETH without having to directly purchase and hold the asset.

However, the rapid sale of a large stash of Ethereum by big players and the crashing price is causing high levels of panic among the crypto investors. It is expected that the price of ETH could face further correction if this or similar whales continue selling ETH at this rate.

The above is the detailed content of Ethereum (ETH) Price Plunges 10% as Early ICO Participant Dumps Another 19,000 ETH. For more information, please follow other related articles on the PHP Chinese website!