Ethereum ICO Participant Sells 19,000 ETH for $47.5M, Received Tokens for $46.5K in 2015

A massive Ethereum ($ETH) initial coin offering (ICO) participant has recently shaken up the cryptosphere after selling a staggering 19,000 ETH

A participant in the initial coin offering (ICO) for Ethereum ($ETH) has sold a large amount of their ETH holdings once again, this time selling 19,000 ETH for over $47.5 million in just two days.

According to data shared by on-chain analytics firm Lookonchain, the participant received 150,000 ETH during the ICO for $46,500, with the tokens now being worth a massive $358 million after registering a near 770,000% increase in value.

This participant had previously sold 20,000 ETH in two installments earlier this month, with the first installment of 10,000 ETH being sold for $23.4 million, followed by the second installment of 10,000 ETH being sold two days later for $24.04 million.

At the time of the first installment, the participant's 150,000 ETH holdings were valued at $330 million, having risen by more than 7,100,000% since the ICO in 2015.

With the latest installment of 19,000 ETH being sold for over $47.5 million, the participant's total realized gains from selling a portion of their ICO holdings now stand at around $119 million.

This participant is still holding onto the vast majority of their ICO tokens, with their remaining 111,000 ETH currently being valued at around $258 million.

Investors were able to acquire ETH for $0.31 per token during the Ethereum ICO in 2015, while the cryptocurrency is now trading at $2,345 after losing more than 10.5% of its value over the last seven-day period.

This drop comes despite cryptocurrency investment products seeing inflows above $1.2 billion over the past week as investors are turning to riskier assets after the recent 50 basis point interest rate cut by the Federal Reserve.

Notably, Ethereum-focused products saw inflows for the first time after five weeks of outflows, bringing in $86.9 million.

Since its London hard fork, Ethereum has been seeing its supply drop. According to available data, over $10.6 billion worth of the second-largest cryptocurrency have been burned since the hard fork.

At its current burn rate, 0.83 ETH, worth around $1,900, is being burned every hour. This burning mechanism means that, per minute, Ethereum’s circulating supply is dropping by around 0.32 ETH.

The cryptocurrency is set to undergo its Pectra hard fork in the near future, in a bid to improve the user-experience of wallets in an initial stage, before aiming to later make changes to the Ethereum Virtual Machine to improve data availability sampling.

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