Ethereum

2024

Bitcoin

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<p dir="ltr">The market might be in sell-off mode, but top market whales are finding a way to cash in on already accrued gains. As<a href="https://x.com/lookonchain/status/1849376476791177670">shared</a> by crypto analytics platform Lookonchain, an Ethereum ICO participant has initiated a new sell-off transfer, adding to the broader market sell-off pressure.</p>
<h2 id="ethereum-ico-whales-taking-profit">Ethereum ICO whales taking profit</h2>
<p dir="ltr">Per the Lookonchain data, the Ethereum ICO participant transferred 3,000 ETH worth approximately $7.64 million a few hours ago. The analytics platform highlighted that this whale last made a sale on July 1. At that time, 7,000 ETH, valued at approximately $24.28 million, was offloaded.</p>
<p dir="ltr">While related<a href="https://u.today/mega-ethereum-eth-whale-returns-with-9-million-kraken-move">ETH whale action</a> is not uncommon, this sell-off from the whale at the time saw the price of Ethereum drop by 15%. The same trend has emerged with this current sell-off. The price of Ethereum is currently down by 2.15% to $2,527.44.</p>
<blockquote class="twitter-tweet">
 <p lang="en" dir="ltr">An <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> ICO participant sold 3K <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($7.64M) again 55 mins ago.The last time this whale sold 7K <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($24.28M) was on July 1, after which the price of <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> dropped nearly 15%.This whale received 254,908 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> during the ICO(initial cost was $79K, now worth $646M), and… <a href="https://t.co/iAZEVDKmkf">pic.twitter.com/iAZEVDKmkf</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1849376476791177670?ref_src=twsrc%5Etfw">October 24, 2024</a>
</blockquote> 
<p dir="ltr">One challenging reality is that this Ethereum ICO whale still has a significantly larger amount of ETH to dispose of. It is worth noting that the whale received a total of 254,908 ETH during the ICO. This total stash had a value of $79,000 at the time, but in today’s valuation, it is worth over $646 million.</p>
<p dir="ltr">After the 3,000 ETH offload, the whale still has 37,070 ETH to sell off, valued at $93.8 million.</p>
<h2 id="ethereum-spotlight-brighter">Ethereum spotlight brighter</h2>
<p dir="ltr">Ethereum is facing considerable pressure, fueled in part by related whale sell-offs. The digital currency led the overall<a href="https://u.today/crypto-liquidation-hits-271-million-what-is-going-on">crypto market liquidation</a> over the past 24 hours, even above Bitcoin (BTC).</p>
<p dir="ltr">Despite growing competition from its associated layer-2 scaling solutions, Ethereum has managed to keep up its growth pace. ETH developers have been introducing unique upgrades across the board to fuel enhanced usability.</p>
<p dir="ltr">One of the latest enhancements rests on the Ethereum gas fee, which has<a href="https://u.today/ethereum-eth-gas-cost-to-plummet-by-four-times-vitalik-buterins-unexpected-statement">dropped</a> consistently up to four times recently. With plans to implement The Scourge and The Verge, Vitalik Buterin has set a crucial to do list for innovators within the ecosystem.</p> <a href="https://u.today/ethereum-ico-whale-returns-with-3000-eth-sell-off">Read original article on U.Today</a>

Ethereum ICO Whale Returns With 3,000 ETH Sell-off

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