In a significant market move, a prominent Ethereum ICO participant has sold an additional $14 million worth of ETH. Currently, Ether price is surging with over 5% gains in the past 24 hours. However, the community is concerned that the recent selloff could trigger a downtrend.
Ethereum ICO Whale’s Major Profit-Taking Spree
The Ethereum whale sold 6,000 ETH, amounting to $14.11 million, just a few hours ago. This transaction is part of a larger trend that has seen this investor offload a staggering 40,000 ETH, valued at approximately $101 million, since September 22. Whilst, the average selling price stands at $2,525.
The #Ethereum ICO participant keeps selling $ETH!
He sold another 6,000 $ETH($14.11M) 45 minutes ago and has sold 40,000 $ETH($101M) at an average price of $2,525 since Sept 22!
He still holds 99.5K $ETH($238M).https://t.co/NA6nFmFsTL pic.twitter.com/UKfXPuCaZF
— Lookonchain (@lookonchain) October 4, 2024
Despite these sales, the participant still holds a substantial 99,500 ETH, worth around $238 million at current market prices, according to Lookonchain data. Prior to the recent sell-off, the Ethereum whale offloaded 19,000 ETH, totaling $47.54 million, within two days.
For further context, the ICO participant initially received 150,000 ETH during the Ethereum genesis event. At the time, he had invested just $46,500, which has since appreciated to a value of $358 million currently. Hence, he seems to be realizing the profit with frequent sales amid a surging market.
ETH Price to Experience Turbulence?
The above-mentioned ongoing liquidation raises concerns among market watchers about potential price dips for Ethereum. As a result of the recent sales, analysts are closely monitoring market reactions and the overall impact on ETH price stability.
However, as of writing, the Ether price remained resilient with 3.27% gain, trading at $2,423.86 on Friday, October 4. Nonetheless, the caution remains as the liquidations, coupled with unstable macroeconomic conditions, could weigh on the ETH price.
Due to the lower than expected U.S. unemployment data, odds of a 50-basis-point Federal Reserve rate cut have diminished, which could lead to a bearish sentiment for the crypto market. This could ultimately exacerbate ETH price woes.
Also Read:Â US Job Data Crushes 50 bps Fed Rate Cut Hopes, Bitcoin to Dip?
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