<ul> 
 <li>An Ethereum ICO participant emerged after eight years and deposited thousands of ETH into Kraken exchange on July 19th.</li> 
 <li>This investment by the ICO participant may cause increased selling pressure in the Ethereum market. This increased selling activity can affect supply-demand dynamics.</li> 
 <li>According to Glassnode, the number of non-zero balance addresses recently reached an all-time high of 102,913,926.</li> 
</ul> 
An investor who participated in the Ethereum ICO activated thousands of Ethereum purchased at $0.31; Investors should be cautious! 
<h2 id="strong-whale-one-of-ethereum-s-first-investors-executes-eth-transfer-strong">Whale, One of Ethereum’s First Investors, Executes ETH Transfer</h2> 
<img decoding="async" loading="lazy" class="alignnone size-full wp-image-128500" src="https://en.coinotag.com/wp-content/uploads/2023/04/Ethereum-Continues-to-Increase-its-Gains-Against-Bitcoin.jpg" alt="Ethereum (ETH) (8)" width="1920" height="1080"> 
According to recent data, an Ethereum ICO participant emerged after eight years and deposited 61,216 ETH ($116 million) into Kraken exchange on July 19th. The participant had acquired 61,216 ETH at an ICO price of approximately $0.31 in Ethereum Genesis. 
This investment by the ICO participant may cause increased selling pressure in the Ethereum market. This increased selling activity can affect supply-demand dynamics and potentially lead to a decrease in ETH price in the short term. The future behavior of this whale will play a significant role in ETH’s price movement. 
<a href="https://en.coinotag.com/wp-content/uploads/2023/07/Investor-Who-Bought-Ethereum-at-031-Takes-Action-After-8.png" rel="noopener noreferrer nofollow"><img decoding="async" loading="lazy" class=" td-modal-image alignnone wp-image-135519 size-full" src="https://en.coinotag.com/wp-content/uploads/2023/07/Investor-Who-Bought-Ethereum-at-031-Takes-Action-After-8.png" alt="ethereum-transaction" width="1365" height="507"></a> 
The fear caused by the whale’s investments has not affected the confidence of retail investors in Ethereum. According to Glassnode, the number of non-zero balance addresses recently reached an all-time high of 102,913,926. As the number of retail investors holding Ethereum increases, their vulnerability to whale behavior also increases. 
<h2 id="strong-will-the-bears-be-proven-right-strong">Will the bears be proven right?</h2> 
At the time of writing, there was relatively low selling pressure on Ethereum. This was indicated by the relatively low MVRV ratio. The low MVRV ratio indicated that only a few ETH addresses were profitable at the time of writing, suggesting that most addresses had less incentive to sell their holdings. 
<a href="https://en.coinotag.com/wp-content/uploads/2023/07/1689783077_49_Investor-Who-Bought-Ethereum-at-031-Takes-Action-After-8.png" rel="noopener noreferrer nofollow"><img decoding="async" loading="lazy" class=" td-modal-image alignnone wp-image-135520 size-full" src="https://en.coinotag.com/wp-content/uploads/2023/07/1689783077_49_Investor-Who-Bought-Ethereum-at-031-Takes-Action-After-8.png" alt="ethereum-mvrv" width="2560" height="867"></a> 
Additionally, Ethereum’s high Long/Short ratio implied that there were more long-term holders than short-term holders. These addresses are less likely to sell their ETH. Despite these factors, the percentage of short positions against ETH increased from 48% to 52.31% in the past few days, according to data. This increase in short positions may be due to recent whale behavior. 
The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/investor-who-bought-ethereum-at-0-31-takes-action-after-8-years/">Investor Who Bought Ethereum at $0.31 Takes Action After 8 Years!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG EN</a>.

Investor Who Bought Ethereum at $0.31 Takes Action After 8 Years!

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