The ongoing price recovery of Ethereum (ETH) might be derailed if investors price in a likely dump from the coin's Initial Coin Offering (ICO) era.
An oldie but a goodie. An initial coin offering (ICO) participant from the Ethereum (CRYPTO: ETH) genesis has finally decided to move some funds. According to crypto analytics platform Lookonchain, 10,000 ETH is on the line if this whale chooses to sell.
What Happened: The ICO whale, who has been largely inactive for the last two years, finally made a move on Sept. 19. The 10,000 ETH fund was moved to the Kraken exchange and is valued at approximately $24.37 million at the time of the transaction.
Typically, when whales send funds to an exchange, the motive is largely streamlined and often revolves around sell-offs.
Though moving funds to centralized exchanges might also imply custody moves, historical trends show that most tend to downsize their position.
This particular whale participated in the Ethereum ICO, receiving 50,000 ETH. At the time, the ICO he participated in cost about $15,500, and the funds are now valued at $121.85 million.
ICO whales sit on a big pile of cash, with most still HODLing.
An #Ethereum ICO participant deposited 10,000 $ETH($24.37M) into #Kraken 15 minutes ago after being dormant for 2 years!
The participant received 50,000 $ETH(ICO cost was $15.K, now worth $121.85M) at #GENESIS.
https://t.co/cuEosgIONq pic.twitter.com/PK4KePNFvu
Several large crypto stashes have awoken in the past few months to sell their bags. This has been the trend since the harsh crypto winter eroded the gains from most of these whales' valuations.
Is It Important: Transferring 10,000 ETH might seem like a lot, but the fund is just a fraction of the circulating Ethereum supply. This means the lone whale cannot dilute the price even if the $24 million sell-off is confirmed.
At the time of writing, Ethereum's price was $2,425.45, up 5.15% in the past 24 hours. A coin in rebound mode also benefits from the bullish twist after the U.S. Federal Reserve cut the interest rate by 50 basis points on Sept. 18.
With a robust ecosystem and positive on-chain sentiment, Ethereum is poised to sustain its resilience even more in the wake of a whale sell-off.
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